Important points:
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Bitcoin hit $111,000 for the first time in November, but traders expect the rally to break over the weekend.
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Bitcoin whales resume circulating BTC, putting selling pressure on Coinbase.
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The bulls have not yet been able to regain the lost support above $111,200.
Bitcoin (BTC) remains short of a key recovery level and was bid late to the week’s close on Sunday.
Bitcoin traders are distrustful of “Sunday Pump”
Data from Cointelegraph Markets Pro and TradingView tracked the price movement of BTC as it reached a local high of $111,129 on Bitstamp.
Although still range-bound, this level marked a new high for November amid a sudden return to bidder interest on major exchanges.
“Binance and Coinbase are currently bidding on BTC dollars,” crypto investor and entrepreneur Ted Pillows confirmed on X.
Pillows noted that this trend is in contrast to what was seen this week. As reported by Cointelegraph, the US session was particularly marked by sell-side pressure.
He hinted that the weekend rally will not be sustained once the TradFi market returns.
“We would really appreciate it if you could bid on weekdays as well. Things will pick up again on Sunday, but we know how this will end,” he added.
Commentator Exitpump predicted further gains on Sunday, up to $114,000.
“If that happens, prices could easily reach 113,000 or 114,000 heading into Monday due to the nature of Sunday, but I’m not sure about this,” he wrote.
Not everyone was in the mood to buy. Trader Bitbull has seen an outflow of $650 million worth of new distributions from Bitcoin whale wallets since BTC/USD crashed by up to 20% from its all-time high in October.
Insider OG whale sells more Bitcoin.
Today, he deposited another $55 million in BTC to Kraken.
Since the October crash, Whale has sold more than $650 million. $BTC.
When will he stop dumping? pic.twitter.com/irzkWhQLzG
— Bitbull (@AkaBull_) November 2, 2025
BTC price support remains out of reach
Looking at key support and resistance levels, trader and analyst Recto Capital flagged Bitcoin’s 21-week exponential moving average (EMA) as a nearby trendline that should recover.
Related: Bitcoin begins to “surrender” $100,000 amidst large fluctuations in BTC price indicators
The 21-week EMA is at $111,230 at the time of writing, acting as a ceiling for the weekend’s upside.
“Bitcoin has successfully retested after the breakout and reclaiming the 21-week EMA (green) is not far off,” Rekt Capital summarized on Saturday.
Meanwhile, Pillows believes the bulls need to move back to support at $112,000.
$BTC The US-China trade deal got a little excited.
But that strength is not there yet.
For Bitcoin to rise further, it will need to regain the $112,000 level on strong volume.
Failure to do so will result in larger corrections. pic.twitter.com/WcyuNjyEkD
— Ted (@TedPillows) November 2, 2025
Meanwhile, Cas Abbe, a contributor at on-chain analysis platform CryptoQuant, placed the price action in the context of Fibonacci retracement levels.
“BTC typically bottoms around the 38.2% Fibonacci level. This has been going on since Q1 2023, and something similar happened last month,” said an X post on the topic.
“BTC fell to exactly this Fibonacci level and then rebounded. Historically, BTC has bottomed out. And if BTC closes the monthly candlestick below this, the bull market will most likely end.”
The level in question was just over $100,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should conduct their own research when making decisions.