- Bitcoin briefly reached $111,000 in early November before facing resistance.
- Significant sell pressure emerged on major exchanges amid whale Bitcoin sales.
- Bulls have not regained key support levels above $111,200.
- The critical 21-week exponential moving average (EMA) at $111,230 remains a barrier.
- Historical price trends show Bitcoin testing key Fibonacci retracement near $100,000.
Bitcoin Price saw a sharp increase to $111,000 early November but failed to surpass important resistance levels ahead of the weekly close. Traders remain cautious about weekend gains sustaining into the traditional financial market week.
On the exchange front, major platforms such as Binance and Coinbase showed renewed buying interest, yet overall sell-side pressure persisted during U.S. trading hours. A notable Bitcoin whale resumed offloading BTC, moving more than $650 million since an October price drop of up to 20%.
Market participants focused on the difficulty of bulls reclaiming the $111,200-$112,000 area, seen as crucial to sustaining an upward trend. The 21-week exponential moving average (EMA)—a moving average that gives greater weight to recent prices and acts as a key trend indicator—was at $111,230 and acted as a ceiling limiting further gains.
One trader noted the pattern of “Sunday pumps” where price spikes over the weekend fail to hold once traditional markets reopen. Price action on Sunday reached local highs around $111,129 on Bitstamp, with some forecasts expecting possible short-term price tags near $114,000.
Onchain analytics referenced the 38.2% Fibonacci retracement level, a technical indicator used to identify potential support, located just above $100,000. Historically, Bitcoin has found a bottom near this level during market corrections. A monthly candle close below this level could indicate the end of the bull run.
The price movements, ongoing whale sell-offs, and struggle to breach resistance highlight the cautious environment surrounding Bitcoin as it attempts to stabilize above key technical levels this November.
For more data and updates, see BTC/USD on TradingView.
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