The cryptocurrency market enjoyed significant gains over the weekend despite pulling back a bit in the last 24 hours. A mixed start to the week saw bitcoin climb to an early Monday high of $48,289.0 before dropping to an early Monday low of $4,7770.0. At the time of writing, Bitcoin is down 0.59% to $47,956.0.
Bitcoin price analysis:
At the time of writing, Bitcoin price is correcting lower and trading below $48,500. While the initial support lies at the level of $47,500.
On the upside, the first major resistance is near the $48,500 level, and upon a successful breakout, the price could revisit $49,250. Barring an extended crypto rally, the first major resistance level is likely to cap the upside. Support from the broader market will be needed for Bitcoin to exit the 23.6% FIB of $50,473.
In the event of an extended breakout, Bitcoin could test the resistance at $55,000 before any pullback. The second major resistance level is located at $54,473.
However, the largest cryptocurrency needs to avoid falling through the $46.081 pivot to support it in order to confirm the uptrend. In case the price drops below the $46,081 level, the immediate support level starts at $42,965.
Technical indicators are showing bullish signals. MACD indicates a bullish reversal signal and is moving upwards. Similarly, the RSI moved above 50.
Bitcoin (BTC) Miner Proceeds
Despite the price correction in September, BTC yields rose sharply. According to reports from on-chain data provider Glassnode, bitcoin miners have generated healthy returns of $40 million per day for the past month.
In general, traders and investors are optimistic about the fourth quarter of 2021. Looking at historical trends, the fourth quarter has been the most bullish in the crypto space. Thus, if history repeats, we can anticipate the $100,000 BTC price target by the end of the year.
