Fundamental view:

Bitcoin fell against greenback in the previous week.  It fell due to the positive sentiment for the greenback. Ray Dailio, founder of the world’s largest hedge fund, Bridgewater Associates, warned that BTC could be banned in the United States if it becomes too successful. He paralleled it to the 1934 Gold Reserve Act, which made it illegal for investors to own gold because the government did not want gold to compete with money and credit as a store of wealth.

In the meantime, India continued to debate a national ban on BTC and other digital assets, leading some experts like HashCash CEO Raj Chowdry to say the ban would have grave implications for the future of the economy and result in currency devaluation “of the worst form.”

The major economic events deciding the movement of the pair in the next week are CB Consumer Confidence Index at Mar 30, ADP Nonfarm Employment Change, EIA Crude Oil Stocks Change at Mar 31, Initial Jobless Claims, ISM Manufacturing PMI at April 01 and Nonfarm Payrolls at April 02 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 3.95% lower than the previous week. Maintaining high at 58349.1 and low at 50333.7 showed a movement of 8016 pips.

In the upcoming week we expect BTC/USD to show a bearish trend. The Instrument is trading below the 100 Simple Moving Average and the MACD trades to the downside. A solid breakout below 50557.7 may open a clean path towards 46438.0 and may take a way down to 42542.3. Should 58573.1 prove to be unreliable resistance, the BTCUSD may raise upwards 62468.8 and 66588.5 respectively. In H4 chart diamond chart pattern breakout favors prospects of a bearish trend. Shooting star pattern constructs a bearish outlook for the pair in the upcoming week.