Investing.com - Bitcoin's short-term trend remains uncertain after a relatively quiet weekend for the cryptocurrency.
Recall that BTC/USD posted a sharp rally from the middle of March, when it was trading around $38,000, to its 2022 yearly high of over $48,000 on March 28. However, since that peak, Bitcoin has been treading water, with traders reluctant to take on several key resistance levels near the current price.
The first of these obstacles, currently at $48,290, is the 200-day moving average, which has stopped Bitcoin's upward movement in its tracks over the last two weeks of March.
In addition, the major psychological threshold of $50,000 lies just above it, ahead of clearly identifiable chart resistance at $52,000 on the daily chart.
On the other hand, Bitcoin also benefits from a key support, around $44-45,000, as seen on the chart attached to this article. Remember that a correction last week confirmed the importance of this support, preventing BTC from falling too far. If this support gives way, the key psychological threshold of $40,000 should then be quickly targeted.
Finally, in terms of events that could potentially influence Bitcoin this week, the most important will be the release of the Fed Minutes, a document that will help the market refine its expectations for the next Fed meeting.
The question for crypto investors will be whether the Fed will raise rates by 0.25% again, or accelerate the process with a 0.50% hike, which would be a bullish event for the Dollar and bearish for Bitcoin and risk assets in general.