Fundamental view:

Bitcoin initially traded high but later fell against the US dollar during the trading course of the week, However it managed to erase some of its previous week losses. War is the main market driver of the financial market now. Leaders from all the West’s nations have asked President Vladimir Putin to put a halt to the war, but of no use. On Thursday, Putin said that he aims to reach its goals and will continue no matter what. While Putin agreed on the creation of safe corridors to evacuate civilians, he persisted in bombing Ukrainian cities.

Bitcoin bounce back in this week can be due to crypto currencies are seen as digital assets that are safe haven — and emerged as a potential vehicle for getting around sanctions — amid the intensifying war between Russia and Ukraine.

Analysts watching the market say the stunning breakthrough can be ascribed to the idea that cryptocurrencies could act as a type of refuge as the war in Ukraine intensifies. Its appeal lies with the fact, the argument goes, that cryptocurrencies are detached from governmental control and therefore not beholden to any of their actions. 

The major economic events deciding the movement of the pair in the next week are JOLTS Job Openings, EIA Crude Oil Stocks Change, WASDE Report at Mar 09, Initial Jobless Claims, Federal Budget Balance at Mar 10 and Michigan Consumer Sentiment at Mar 11.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 11.48% higher than the previous week. Maintaining high at 45294.1 and low at 37365.2 showed a movement of 7929 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. Should 35786.0 proves to be unreliable support then the pair may fall further to 32611.1 and 27857.1 respectively whereas a solid breakout above 43714.9 will open a clear path upward to 48468.9 and then will further raise up to 51643.8. In H4 chart rounding top pattern favors prospects of a bearish trend. Bearish engulfing pattern constructs a bearish outlook for the pair in the upcoming week.