Bitcoin Reaches $111,000 in November Amid Mixed Sentiment and Whale Activity
Bitcoin (BTC) surged to a November high of $111,129 on Bitstamp late Sunday, fueled by renewed bidder interest on major exchanges. However, despite this upside move, traders remain cautious, anticipating a potential unraveling as the weekend closes and traditional financial markets resume.
### Sunday Pump Skepticism
Data from Cointelegraph Markets Pro and TradingView tracked Bitcoin’s price action reaching these local peaks, with notable bidding activity observed on Binance and Coinbase. Crypto investor and entrepreneur Ted Pillows confirmed the return of buyers on these exchanges via social media, highlighting a contrast to the week’s predominantly sell-side pressure during U.S. trading sessions.
Pillows expressed skepticism over the weekend rally, referring to it as another “Sunday pump” unlikely to sustain once traditional markets reopen. He stated, “I would really appreciate that if they’ll bid on weekdays too. Another Sunday pump, and we know how this ends.”
Commentator Exitpump predicted possible further gains on Sunday, potentially reaching $114,000. However, he admitted low conviction in the rally’s strength: “Price can easily tag 113k and 114k going into Monday, but have low conviction in this.”
### Whale Distribution Adds Selling Pressure
Not all market participants are buying into the rally. Trader BitBull noted a significant Bitcoin whale has resumed distributing BTC, with outflows totaling approximately $650 million since BTC’s sharp price drop of up to 20% from all-time highs in October. This selling pressure, particularly on Coinbase, adds to the market’s cautious tone.
### Key Support Levels Remain Elusive
Analysts continue to monitor critical support and resistance levels as Bitcoin struggles to sustain gains above $111,000. Trader and analyst Rekt Capital pointed to Bitcoin’s 21-week exponential moving average (EMA) — at around $111,230 at the time — as a crucial trend line the bulls must reclaim for a successful post-breakout retest.
“Bitcoin is not too far away from reclaiming the 21-week EMA for a successful post-breakout retest,” Rekt Capital summarized.
Meanwhile, Pillows emphasized the importance of flipping the $112,000 level back to support to bolster bullish momentum.
Onchain analytics contributor Cas Abbe from CryptoQuant placed recent price action within the context of Fibonacci retracement levels, noting that Bitcoin typically bottoms around the 38.2% Fibonacci level. This pattern has held true since Q1 2023, and last month saw a similar bounce off this level, just above $100,000.
Abbe cautioned, “If BTC closes a monthly candle below it, the bull run will most likely be over.”
### Conclusion
Though Bitcoin hit a notable local peak in November, the prevailing market sentiment remains cautious. With whale selling pressures and critical support levels yet to be decisively reclaimed, traders are wary of the sustainability of the weekend’s gains.
*This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making decisions.*
https://bitcoinethereumnews.com/bitcoin/will-bitcoins-latest-sunday-pump-be-different-this-time/?utm_source=rss&utm_medium=rss&utm_campaign=will-bitcoins-latest-sunday-pump-be-different-this-time