Fundamental view:

Bitcoin traded down against the US dollar during the first half but later traded up and erased its losses at the second of the week. The US dollar bulls was underpinned by the NFP report. US March’s Nonfarm Payrolls report came at 431K jobs added, more than the 80K foreseen by economists. Thus market perceived it as a solid report. Further, the Unemployment rate lowered from 3.8% YoY in February to 3.6% in March and beat the 3.7% expected.

On the other hand,  Recent comment from Mike Novogratz and Vla Costea favored the Bitcoin. Billionaire Mike Novogratz said he is much more optimistic about the crypto market now than he was a month ago. He explained that bond sell-offs and increased crypto adoption have boosted the prices of cryptocurrencies, particularly bitcoin. “I think you are going to see the Democrats taking a softer stance,” he added. According to Vlad Costea, founder of Bitcoin Takeover, there are “only 2 million BTC left to mine in the next 118 years!” Over the past 13 years since the inception of Bitcoin, miners have uncovered 19 million Bitcoin; the last Bitcoin is expected to be mined in the year 2140.

The major economic events deciding the movement of the pair in the next week are ISM Non-Manufacturing PMI, Fed Governor Brainard Speech at Apr 05, EIA Crude Oil Stocks Change, FOMC Minutes at Apr 06, Initial Jobless Claims at Apr 07 and WASDE Report at Apr 08 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 3.13% higher than the previous week. Maintaining high at 48186.5 and low at 44235.9 showed a movement of 3951 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading above the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout above 48582.4 may open a clean path towards 50359.8 and may take a way up to 52533.0. Should 44631.8 prove to be unreliable support, the BTCUSD may sink downwards 42458.6 and 40681.2 respectively. In H4 chart bullish alt bat pattern formation favors prospects of a bullish trend. Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.