Fundamental view:

Bitcoin traded lower against the greenback in this week. Some recent news underpin the bearish sentiment for the King Crypto. Hillary Clinton, former Democratic presidential candidate, talked about cryptocurrency Tuesday. She elaborated on her crypto statement last week and warned that the technology may be manipulated by countries like China and Russia to undermine the United States.

She said “We are looking at not only states, such as China or Russia or others, manipulating technology of all kinds to their advantage; we are looking at nonstate actors, either in concert with states or on their own, destabilizing countries, destabilizing the dollar as the reserve currency.”

Moreover, The government of India has listed a cryptocurrency bill to be taken up in the upcoming session of parliament that starts next week. The bill seeks to prohibit cryptocurrencies with some exceptions. According to the government’s description, the bill aims “To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

Elsewhere, Kazakhstan is considering moving to nuclear energy sources to mine BTC due to the power crunch. The country’s Ministry of Energy revealed that it saw an 8% increase in domestic electricity consumption in 2021 due to Bitcoin miners. This sudden spike in electricity consumption comes after China banned digital currency mining in 2021. This news somewhat favored the Bitcoin but overall bearish sentiment gripped BTC this week.

The major economic events deciding the movement of the pair in the next week are Fed Chair Powell Speech at Nov 29, CB Consumer Confidence Index at Nov 30, ADP Nonfarm Employment Change, ISM Manufacturing PMI, EIA Crude Oil Stocks Change at Dec 01 and Nonfarm Payrolls at Dec 03 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 11.44% lower than the previous week. Maintaining high at 59522.7 and low at 53513.9 showed a movement of 6009 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 firm breakout below 51816.3 may make a fall to 49660.7 and then may take a way down to 45807.5. Should 57825.1 prove to be unreliable resistance, the BTCUSD may raise upwards to 61678.3 and 63833.9 respectively. In H4 chart bearish butterfly pattern favors prospects of a bearish trend. Dark cloud cover pattern also constructs a bearish outlook for the pair in the upcoming week.