Bitcoin continues to hesitate in a technical vice, what are the key thresholds?

Investing.com – The near-term trend remains uncertain after a relatively quiet weekend for cryptocurrency.

Recall that the BTC/USD posted a sharp rise between the middle of March, where it was moving towards $38,000, and its 2022 annual peak at more than $48,000 on March 28. However, since that peak, Bitcoin has been treading water, with traders hesitant to take on several key resistances near current prices.

The first of these obstacles, currently at $48,290, is the 200-day moving average, which halted Bitcoin’s bullish movement in the last two weeks of March.

In addition, the major psychological threshold of $50,000 lies slightly above, before a clearly identifiable chart resistance on the daily chart at $52,000.

On the other hand, Bitcoin is also enjoying key support, around $44-45,000, as seen in the chart attached to this article. Remember that a correction last week confirmed the importance of this support, preventing the BTC from falling too sharply. If this support gives way, the key psychological threshold of $40,000 should then be quickly targeted.

Finally, when it comes to potentially influential Bitcoin events 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 another 0.25%, or accelerate the process with a 0.50% hike, which would be a bullish event for the Dollar and a bearish event for Bitcoin and trading assets. risk in general.

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