Fundamental view:

Bitcoin has been falling against the greenback in the previous week. It has reached levels last seen almost a month ago. While the recovery has been slow for now, investors can expect an expedited run-up the following week.

However El Salvador’s news failed to catalyze Bitcoin price significantly, the developments around Bitcoin mining in China is about to have had a noticeable effect. Meanwhile the miners’ day-to-day functioning has been destabilized, many are moving to regulatory-friendly places.

Another news has joined in that Blockchain data platform Chainalysis said on Thursday it had raised $100 million in its latest funding round led by investment firm Coatue, taking its valuation to $4.2 billion.

The major economic events deciding the movement of the pair in the next week are CB Consumer Confidence Index at Jun 29, ADP Nonfarm Employment Change, EIA Crude Oil Stocks Change at Jun 30, Initial Jobless Claims, ISM Manufacturing PMI at July 01 and Nonfarm Payrolls at July 02 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 13.15% lower than the previous week. Maintaining high at 35796.4 and low at 28702.1 showed a movement of 7094 pips.

In the upcoming week we expect BTC/USD to show a bearish trend. The Instrument is trading below the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout below 28370.0 may open a clean path towards 24988.9 and may take a way down to 21275.7. Should 35464.3 prove to be unreliable resistance, the BTCUSD may raise upwards 39177.5 and 42558.6 respectively. In H4 chart symmetrical triangle breakout favors prospects of a bearish trend. Bearish harami pattern constructs a bearish outlook for the pair in the upcoming week.