Key points:
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Bitcoin reached $111,000 for the first time in November, but traders expect a reversal by the end of the weekend.
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Coinbase Sell Pressure comes as a Bitcoin whale continues to distribute BTC.
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Bulls still can’t reclaim lost support at $111,200 and up.
Bitcoin (BTC) saw a late bid to the weekly close on Sunday as key retracement levels were not reached.
Bitcoin traders don’t trust “Pump Week”
Data from Cointelegraph Markets Pro and TradingView BTC price action was tracked as it hit local highs of $111,129 on bitstamp.
While still rangebound, that level marked a new November high amid a sudden return of bidder interest on major exchanges.
“Binance and Coinbase bid up $BTC today,” crypto investor and trader Ted Pillows confirmed in X.
Pillows noted that the trend was different from that seen in a week. Count Cointelegraph reportedParticularly the US sessions are characterized by side-side pressure.
A weekend move to the upside, he indicated, will not hold after the return of tradfi markets.
“I would really appreciate it if they bid on the closing days as well. One more Sunday pump, and we know how it’s going to end,” he added.
The commentator exitpump forecast additional Sunday gets topping out at $ 114,000 in most.
“If that happens, then due to the nature of Sunday, the price could easily be tagged 113k and 114k going into Monday, but there is low conviction here,” He write.
Not everyone is in the mood to buy. Trader Bitbull noticed the changed distribution from a bitcoin whale wallet with outflows worth $ 650 million since BTC/USD crashed up to 20% from all-time highs in October.
OG whale insider sells more bitcoins.
Today, he deposited another $55m in BTC with Kraken.
Since the October crash, the whale has sold more than $ 650m in $ Btc.
When will he stop throwing up? pic.twitter.com/irzkwhqlzg
– bitbull (@akabull_) November 2, 2025
BTC price support remains elusive
Turning on the important level of support and resistance, the trader and analyst flagged the 21-week exponential moving average (EMA) as a nearby trend line to recover.
Related: Bitcoin begins $100k ‘capitulation’ as BTC price metric sees huge volatility
The 21-week EMA is at $111,230 at the time of writing, which acts as the current ceiling of the weekend’s upside.
“Bitcoin not too far from reclaiming 21-week Ema (green) for a successful post-breakout retest,” Rekt Capital Summary Saturday
Meanwhile, cushions saw the need for bulls to flip $112,000 back to support.
$ Btc Pumped up a bit on the US-China trade deal.
But the strength is still not there.
Bitcoin needs to capture the $112,000 level with strong volume for further upside.
A failure to do so will result in a larger correction. pic.twitter.com/wcyunjyekd
– Ted (@tedpillows) November 2, 2025
Cas Abbe, a contributor to Onchain Analytics Platform Cryptoquant, meanwhile, put the price action in the context of Fibonacci retracement levels.
“BTC usually drops around the 38.2% Fibonacci level. This has been the case since Q1 2023, and last month something similar happened,” X post on the subject stated.
“BTC went down to this exact Fibonacci level, and then bounced back. If history is anything to go by, BTC went down. And if BTC closes a monthly candle below it, the bull run is likely over.”
The level in question is just above the $100,000 mark.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.
