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

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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, BTC Price was down by 0.59% to $47,956.0.

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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.

Also Read : Crypto Market Is Swinging Again! Should You Buy Altcoins This Fall Season?

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.

Solana Price Struggling To Sustain Above Resistance, Yet Aims At 20% Upswing!

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.

Also Read : Where Meme Coins are Heading This Q4? DOGE &SHIB Price are Targeting This level !

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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