Fundamental view:
Bitcoin showed a upward move against the greenback in the past week. Bitcoin price came with 440% returns over the last six months, 108% in Q1, and almost 30% this month reflect the evolution of BTC from a speculative asset to a means of payment and a store of value for individual and institutional investors.
Tesla recently introduced the ability to purchase automobiles with BTC, payment processing leader Visa announced the full integration of the USDC stablecoin into their payment system, and PayPal is about to offer clients the ability to instantly convert their Bitcoin, Ethereum, Litecoin, or Bitcoin Cash to US dollars that PayPal then uses to pay merchants. All these recent news has favored the Bitcoin.
The major economic events deciding the movement of the pair in the next week are IMF Meeting, ISM Non-Manufacturing PMI at April 05, JOLTS Job Openings at April 06, EIA Crude Oil Stocks Change, FOMC Minutes at April 07, Initial Jobless Claims, and Fed Chair Powell Speech at April 08 for US.
BTC/USD Weekly outlook:
Technical View:
Last week’s high was 2.86% higher than the previous week. Maintaining high at 60067.9 and low at 54692.6 showed a movement of 5375 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 upside. A solid breakout above 61284.1 may open a clean path towards 63363.7 and may take a way up to 66659.4. Should 55908.8 prove to be unreliable support, the BTCUSD may sink downwards 52613.1 and 50533.5 respectively. In H4 chart Inverse head and shoulders breakout favors prospects of a bullish trend. Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.
| Preference |
| Buy: 59150.6 target at 63362.7 and stop loss at 55909.8 |
| Alternate Scenario |
| Sell: 55909.8 target at 50534.5 and stop loss at 59150.6 |
