Key points:
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Bitcoin hits $111,000 for the first time in November, but traders anticipate weekend gains to unravel.
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Coinbase selling pressure comes as a Bitcoin whale resumes distributing BTC.
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The bulls are still unable to regain the lost support at $111,200 and above.
Bitcoin (BTC) saw a late bid at Sunday’s weekly close as key recovery levels remained out of reach.
Bitcoin Traders Wary of ‘Sunday Bomb’
Data from Cointelegraph Markets Pro and TradingView tracked BTC’s price action as it hit local highs of $111,129 on Bitstamp.
While still range-bound, that level marked a new high in November amid the sudden return of bidder interest in major exchanges.
“Binance and Coinbase are bidding on $BTC now,” crypto investor and entrepreneur Ted Pillows confirmed on X.
Almohadas highlighted that the trend contrasts with that observed during the week. As Cointelegraph reported, the US sessions in particular were characterized by selling pressure.
A bullish move over the weekend, he hinted, would not hold after the return of TradFi markets.
“I would really appreciate it if you would also bid during the week. Another pump on Sunday and we already know how this ends,” he added.
Commentator Exitpump predicted further gains on Sunday to reach a high of $114,000.
“If that is going to happen, then due to the nature of Sunday, the price can easily reach 113,000 and 114,000 heading into Monday, but I have little conviction on that,” he wrote.
Not everyone was in the mood to shop. Trader BitBull noted a renewed distribution of a Bitcoin whale wallet with outflows worth $650 million since BTC/USD plunged as much as 20% from its all-time highs in October.
Insider whale OG is selling more Bitcoin.
Today, he deposited another $55 million worth of BTC on Kraken.
Since the October crisis, the whale has sold more than 650 million dollars in $BTC.
When will you stop dumping? pic.twitter.com/irzkWhQLzG
—BitBull (@AkaBull_) November 2, 2025
BTC price support remains out of reach
Moving on to important support and resistance levels, trader and analyst Rekt Capital pointed to Bitcoin’s 21-week exponential moving average (EMA) as a nearby trendline to rally.
Related: Bitcoin Begins $100,000 ‘Capitulation’ as BTC Price Metric Sees High Volatility
The 21-week EMA was at $111,230 at the time of writing, serving as the current ceiling of the weekend rally.
“Bitcoin is not far from reclaiming the 21-week EMA (green) for a successful retest after the breakout,” Rekt Capital summarized on Saturday.
Meanwhile, Pillows saw the need for the bulls to turn $112,000 into support again.
$BTC I’m a little excited about the US-China trade deal.
But the strength is not there yet.
Bitcoin needs to reclaim the $112,000 level with strong volume to gain further upside.
Failure to do so will result in a larger correction. pic.twitter.com/WcyuNjyEkD
-Ted (@TedPillows) November 2, 2025
Meanwhile, Cas Abbe, contributor to on-chain analytics platform CryptoQuant, placed the price action in the context of Fibonacci retracement levels.
“BTC usually bottoms around the 38.2% Fibonacci level. This has been the case since Q1 2023, and something similar happened last month,” read an X post on the topic.
“BTC fell to this exact Fibonacci level and then recovered. If history is anything to go by, BTC has bottomed. And if BTC closes a monthly candle below it, the bull run is most likely over.”
The level in question was just above the $100,000 mark.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
