Fundamental view:

Bitcoin traded back and forth against its counterpart US Dollar during the week and ended with a bullish candle. The Russia – Ukraine crisis headlines was the major catayst this week. And Russia’s invasion of Ukraine has perhaps dispelled a popular notion about bitcoin. It maybe it’s not the gold of the 21st century.

Bitcoin, the largest cryptocurrency by market capitalization, dropped as much as 9% to $34,584 Thursday after Russian President Vladimir invaded Ukraine overnight. The cryptocurrency moved in conjunction with tech stocks, which slumped, as opposed to gold, which jumped 3% to its highest in over a year.

Despite the current decline, Micro Strategy CEO Michael Saylor, a major crypto proponent, has held onto his belief that bitcoin remains a good bet amid geopolitical uncertainty. On Wednesday, he tweeted, “Nation state conflicts create uncertainty, constrain production, weaken currency, cripple trade, and undermine credit, making investments in debt & equity riskier and underscoring the benefit of converting treasury assets into pure digital energy. #Bitcoin.”

The major economic events deciding the movement of the pair in the next week are ISM Manufacturing PMI at Mar 01, ADP Nonfarm Employment Change, Fed Chair Powell Testimony, EIA Crude Oil Stocks Change at Mar 02, Initial Jobless Claims, ISM Non-Manufacturing PMI at Mar 03 and Nonfarm Payrolls at Mar 04 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 11.62% lower than the previous week. Maintaining high at 40094.5 and low at 34367.0 showed a movement of 5727 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading above the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 41772.9 may open a clean path towards 43797.4 and may take a way up to 47500.4. Should 36045.4 prove to be unreliable support, the BTCUSD may sink downwards 32342.4 and 30317.9 respectively. In H4 chart extended-w pattern breakout favors prospects of a bullish trend. Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.