Bitcoin reached an impressive $111,000 for the first time in November, and traders are hopeful that the upward trend will continue over the weekend. However, Bitcoin whales have started moving their BTC again, creating some selling pressure on Coinbase. The bulls haven’t managed to reclaim the crucial support level above $111,200 yet. Key recovery levels are still unachieved, possibly delaying the bid toward Sunday’s closing price. Interestingly, many Bitcoin traders seem skeptical about what’s often referred to as the “Sunday Pump.”
Data from Cointelegraph Markets Pro and TradingView noted that BTC hit a local high of $111,129 on Bitstamp. Despite still being somewhat range-bound, this new peak for November suggests a resurgence of buyer interest on major exchanges. Crypto investor Ted Pillows mentioned on X that both Binance and Coinbase are currently placing bids on BTC, which contrasts with the significant sell-side pressure experienced earlier in the week. He expressed doubt that any weekend rally would hold once the traditional finance (TradFi) market gets back into action. “We’d really appreciate weekday bids too. Sunday might see some excitement, but we know how it usually plays out,” he added.
Commentator Exitpump is anticipating even larger gains on Sunday, possibly hitting up to $114,000. “If that happens, prices could easily reach 113,000 or 114,000 by Monday. But I’m not entirely convinced,” he noted. Not everyone shares the bullish sentiment, though. Trader Bitbull observed substantial outflows from Bitcoin whale wallets, tallying up to $650 million since a recent peak. Bitcoin has dropped around 20% since its all-time high in October.
OG whale recently sold some of his Bitcoin too, making a deposit of $55 million in BTC to Kraken. The ongoing question remains: when will he cease his selling spree?
As for price support, trader and analyst Recto Capital highlighted Bitcoin’s 21-week exponential moving average (EMA) as a critical trendline that needs to be reclaimed. Currently, the 21-week EMA stands at $111,230, acting as a potential ceiling for the weekend’s advance. Rekt Capital remarked that Bitcoin has successfully retested after a breakout and should soon regain that 21-week EMA.
On the other hand, Pillows believes the bulls must return the support level to $112,000. There was a slight rise in BTC after the US-China trade deal, but that strength hasn’t fully materialized. For Bitcoin to climb further, reclaiming the $112,000 level on robust trading volume is crucial. Otherwise, a larger correction could be in store.
Cas Abbe, a contributor at CryptoQuant, offered additional insights by examining the price movement through Fibonacci retracement levels. He noted, “BTC typically bottoms around the 38.2% Fibonacci level. This trend has been persistent since Q1 2023, and a similar pattern occurred last month.” He cautioned that if Bitcoin closes the monthly candlestick below this level, which is just above $100,000, it could signal the end of the current bull market.
This article isn’t meant as investment advice or recommendations. All trading activities come with risks, and it’s vital for readers to do their own research before making decisions.
