Bitcoin Price Hits $111K but Traders Doubt Rally
Key Takeaways
• Bitcoin $111K for the first time this month but failed to reclaim major resistance at $111,200.
• Whale wallets and Coinbase sell pressure triggered renewed skepticism about the rally.
• Traders see $112,000 and the 21-week EMA as critical levels for a confirmed breakout.
• On-chain data suggests Bitcoin could have already bottomed near the $100,000 Fibonacci zone.
Bitcoin Surges, But Confidence Remains Fragile
Bitcoin (BTC) hit a fresh monthly high over the weekend, briefly surpassing $111,000 before retreating as traders questioned the strength of the move. Data from Cointelegraph Markets Pro and TradingView showed BTC reaching $111,129 on Bitstamp, marking its highest level so far in November.
The rally was driven by renewed buying activity on major exchanges. Crypto investor and entrepreneur Ted Pillows noted on X that both Binance and Coinbase showed heavy bids for BTC — a rare sign of weekend enthusiasm. Yet he quickly warned that these “Sunday pumps” rarely last once traditional markets open.
“I would really appreciate that if they’ll bid on weekdays too. Another Sunday pump, and we know how this ends,” he wrote, capturing a broader sentiment of skepticism among traders.
Commentator Exitpump forecast potential gains up to $114,000, but admitted “low conviction” due to thin weekend volume. Meanwhile, BitBull, another trader, pointed out renewed whale selling, with one major address unloading roughly $650 million worth of BTC since October’s 20% pullback.
This combination of low liquidity and large holder activity has kept many investors cautious, suggesting the rally may fade as the new trading week begins.
Key Resistance Levels Could Define the Next Move
Analysts say Bitcoin must reclaim key technical zones before confirming a sustainable uptrend. According to Rekt Capital, the 21-week exponential moving average (EMA) — now near $111,230 — remains the main ceiling.
“Bitcoin is not too far away from reclaiming the 21-week EMA for a successful post-breakout retest,” Rekt Capital explained. If bulls can close above this level, it could signal renewed strength heading into mid-November.
Ted Pillows added that bulls need to flip $112,000 into support to restore confidence, while on-chain sentiment still shows neutral momentum.
Elsewhere, Cas Abbe from CryptoQuant highlighted a key Fibonacci retracement level just above $100,000, arguing that Bitcoin often bottoms around the 38.2% line during corrections.
“BTC dropped to this exact Fibonacci level last month and bounced back. If history repeats, Bitcoin has already bottomed,” Abbe said.
Still, a close below that threshold could end the current bullish structure and reignite bear market fears.
Outlook
Bitcoin’s climb to $111,000 has rekindled short-term optimism, but conviction remains weak. Whale selling, weekend-driven liquidity, and resistance near $112,000 continue to limit upside momentum.
Until BTC firmly breaks above these levels, traders may treat rallies as temporary rather than the start of a new leg higher. November could yet prove pivotal — either as the month Bitcoin confirms its next run or as another reminder that in crypto, not every pump lasts past Sunday night.
