Bitcoin Price Undergoes Healthy Correction! What To Expect for BTC Price This Week?

Bitcoin Price Undergoes Healthy Correction! What To Expect for BTC Price This Week?

The cryptocurrency market enjoyed large weekend gains despite falling back slightly in the last 24 hours. A mixed start to the week saw Bitcoin rise to an early Monday high of $48,289.0 before falling to an early Monday low of $47,770.0. At the time of writing, Bitcoin was down by 0.59% to $47,956.0.

Bitcoin Price Analysis :

At press time Bitcoin price is correcting lower and trading below $48,500. While the initial support lies at the $47,500 level. 

On the upside, The first major resistance is near the $48,500 level, on the successful breakout, the price could revisit $49,250. Barring an extended crypto rally, the first major resistance level would likely cap the uptrend. Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $50,473.

In the event of an extended breakout, Bitcoin could test resistance at $55,000 levels before any pullback. The second major resistance level sits at $54,473.

However, The largest crypto needs to avoid a fall through the $46,081 pivot to support in order to confirm the uptrend. In case the price drops below the $46,081 level, the immediate support level at $42,965 comes into play.

Technical indicators showing bullish signs. The MACD is hinting towards a bullish reversal signal and is moving upwards. Likewise, the RSI indicator has moved above 50.

Bitcoin (BTC) Miner Revenue

Despite the price correction in the month of September, the BTC miner revenue picked up sharply. According to Reports from On-chain data provider Glassnode, Bitcoin miners earned good revenue at a rate of $40M/day for the last month.

Overall, traders and investors are optimistic for the Q4 of 2021. Considering the historical trends, the Q4 has been the most bullish for the crypto space. Thus, if history repeats we can expect BTC price target of $100K by the year-end.

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