Fundamental view:

Bitcoin fell in the last week initially due to the positive sentiment for the greenback but managed to bounce back in the coming days until it fell in the last day of the week.

According to a study by researchers at the Cambridge Centre for Alternative Finance, the number of people who own Bitcoin (BTC) and other digital assets has surged from about 35 million in 2018 to over 100 million. This is a positive sign because the growth continued. And in the upcoming week we expect a bullish trend for the pair. 

The major economic events deciding the movement of the pair in the next week are CB Consumer Confidence Index at Sep 29, ADP Nonfarm Employment Change, GDP quarterly report, EIA Crude Oil Stocks Change at 30 Sep, ISM Manufacturing PMI at Oct 01, and Nonfarm Payrolls at Oct 02 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 1.63% lower than the previous week. Maintaining high at 10974.5 and low at 10106.0 showed a movement of 868 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading below the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 11049.4 may open a clean path towards 11446.2 and may take a way up to 11917.9. Should 10180.9 prove to be unreliable support, the BTCUSD may sink downwards 9709.2 and 9312.4 respectively. In H4 chart rectangle breakout favors prospects of a bullish trend. Three inside up candle formation constructs a bullish outlook for the pair in the upcoming week.