Bitcoin has seen a remarkable run recently, rallying almost 140% year-to-year. However, some analysts are now eyeing the potential for a pullback or consolidation phase in the near future.
Trader Justin Bennett notes that a “long overdue pullback” may be brewing for BTC, especially with the FOMC policy meeting later this week.
Losing support around $37,800 could trigger a drop back towards the $32k zone, according to Bennett. For now, he sees potential for more sideways chops between $37.8k and $48k.
Meanwhile, analyst Ali warns that beyond the first support level cited by Bennett, there is another key zone between $37,150 and $38,360 backed by significant holder demand that could halt a steeper BTC pullback. On the flip side, Ali points to upside resistance around $43,850 and $46,400 if bulls regain control.
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With uncertainty hanging over markets ahead of the Fed’s rate decision and recent minutes signaling no policy pivot in the near term, volatility could be in store for Bitcoin this week. Both bulls and bears will be closely eyeing the critical support levels between $37k and $38.3k if selling pressure mounts.
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