Fundamental view:

Bitcoin price seems to be recovering from the losses which was witnessed last week. While institutional investors’ ETF applications are helping bolster the adoption curve and hasten the process, several on-chain metrics combined with the developments surrounding regulating BTC mining in China and Iran has put a hault in the recovery.

On the other hand, Elon Musk once again spoke on the old debate about using fossil fuels for mining Bitcoin when he revealed that Tesla would no longer accept BTC as payment. His remarks sent shockwaves across the cryptocurrency market as Bitcoin price started a new descent. Elsewhere, China added fuel to the flame when reports of a mining ban spread like wildfire. While Iran is about to enforce an outright ban, Sichuan’s government officials plan to host a seminar next week to identify the impact of the Bitcoin mining ban on hydroelectricity excess. 

The major economic events deciding the movement of the pair in the next week are ISM Manufacturing PMI at Jun 01, Fed Beige Book Jun 02, ADP Nonfarm Employment Change, EIA Crude Oil Stocks Change Jun 03, Fed Chair Powell Speech and Nonfarm Payrolls at Jun 04 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 14.10% lower than the previous week. Maintaining high at 40793.1 and low at 33498.6 showed a movement of 7295 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 33042.0 may open a clean path towards 29623.1 and may take a way down to 25747.5. Should 40336.5 prove to be unreliable resistance, the BTCUSD may raise upwards 44212.1 and 47631.0 respectively. In H4 chart rounding top pattern favors prospects of a bearish trend. Shooting star pattern constructs a bearish outlook for the pair in the upcoming week.