Crypto Traders Predict Short-Term Bitcoin Price Resistance Around $37,500
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Several crypto traders predicted that Bitcoin would face resistance at the $37,500 level in early November. The price was rejected at this level.
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Trader InmortalCrypto accurately predicted on a short-term chart that the Bitcoin price would bounce off a local low to move towards $37,000.
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RektCapital looked at pre-halving price movements to predict Bitcoin could see some retracement ahead of the 2024 halving before going "parabolic" after.
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The traders employed technical analysis of key support and resistance levels as well as historical price movement patterns to make their predictions.
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Though bullish overall recently, their analysis suggested potential for some Bitcoin price consolidation or retracement in the short term.