Bitcoin price hits $111K November high but bear market fears persist
03.11.2025
2442
Bitcoin traders doubted the staying power of last-minute weekend BTC price upside as selling pressure from whales returned into the weekly close.
Key points:
- • Bitcoin reaches $111,000 for the first time in November, but traders anticipate the weekend's upside unraveling.
- • Coinbase sell pressure comes as a Bitcoin whale resumes distributing BTC.
- • Bulls are still unable to reclaim lost support at $111,200 and above.
Bitcoin saw a late bid into Sunday's weekly close as key reclaim levels stayed out of reach, hitting $111,129 on Bitstamp — a new November high amid sudden bidder interest on major exchanges.
Bitcoin traders distrust "Sunday pump"
Crypto investor Ted Pillows confirmed on X that "Binance and Coinbase are bidding on $BTC now," noting this trend contrasts with the week's US session sell-side pressure. He implied the weekend pump won't hold after TradFi markets return, saying: "I would really appreciate that if they'll bid on weekdays too. Another Sunday pump, and we know how this ends."
Commentator Exitpump forecast further Sunday gains topping out at $114,000 at most, stating: "If that's going to happen, then due to nature of Sunday, price can easily tag 113k and 114k going into Monday, but have low conviction in this."
Not everyone was buying — trader BitBull observed renewed distribution from a Bitcoin whale wallet with outflows worth $650 million since BTC/USD crashed up to 20% from all-time highs in October.
The insider OG whale is selling more Bitcoin. Today, he deposited another $55M in BTC to Kraken. Since the October crash, the whale has sold over $650M in $BTC. When will he stop dumping?
BTC price support remains out of reach
Trader Rekt Capital flagged Bitcoin's 21-week exponential moving average (EMA) at $111,230 as the current ceiling, stating: "Bitcoin is not too far away from reclaiming the 21-week EMA (green) for a successful post-breakout retest."
Pillows saw the need for bulls to flip $112,000 back to support, warning: "Bitcoin needs to reclaim $112,000 level with strong volume for more upside. A failure to do that will result in a bigger correction."
CryptoQuant contributor Cas Abbe placed price action in Fibonacci retracement context, noting: "BTC usually bottoms around 38.2% Fibonacci level. This has been the case since Q1 2023, and last month something similar happened."
BTC dropped to this exact Fibonacci level, and then bounced back. If history is anything to go by, BTC has bottomed out. And if BTC closes a monthly candle below it, the bull run will be most likely over.
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 a decision.
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