Bitcoin briefly surged to a new November high of $111,000 over the weekend, though market sentiment remains cautious as large holders resumed selling and key resistance levels stayed intact.
After a quiet week dominated by sell-side activity, Bitcoin enjoyed a late Sunday boost, reaching $111,129 on Bitstamp, according to data from TradingView. The sudden uptick drew attention across crypto exchanges, with renewed buying pressure on platforms such as Binance and Coinbase.
“Both Binance and Coinbase are actively bidding on Bitcoin again,” noted crypto investor Ted Pillows on X. However, he cautioned that the move was typical of the so-called “Sunday pumps”, short-lived weekend rallies that often fade once traditional markets reopen. “I’d appreciate it if they’d bid on weekdays too. We all know how these Sunday pumps usually end,” he quipped.
Other analysts echoed similar caution. Market watcher Exitpump projected that Bitcoin could potentially extend gains toward $113,000–$114,000, though he described the setup as low-conviction. “Given the nature of weekend trading, price could tag 113K or 114K going into Monday,” he said, “but I wouldn’t count on it holding.”
At the same time, some traders pointed to renewed activity from large Bitcoin holders. According to on-chain data cited by BitBull, one whale wallet distributed more than $650 million worth of BTC over the weekend, continuing a selling trend that began after Bitcoin’s October correction from its record highs.
Key Resistance Levels Still in Play
Despite the brief rally, Bitcoin bulls have struggled to reclaim crucial technical levels that could confirm a sustained recovery. Analyst Rekt Capital highlighted the 21-week Exponential Moving Average (EMA), currently near $111,230 as a pivotal threshold.
“Bitcoin isn’t far from retesting its 21-week EMA,” Rekt Capital wrote, adding that a successful close above it could signal renewed bullish momentum. For now, however, the EMA remains an upper ceiling on price action.
Pillows similarly argued that a firm reclaim of $112,000 is essential for a bullish continuation. Without that, he warned, selling pressure could intensify into the new week.
Market Structure and Fibonacci Signals
On-chain analyst Cas Abbe of CryptoQuant provided a broader perspective, framing Bitcoin’s latest movements through Fibonacci retracement patterns. According to Abbe, Bitcoin has repeatedly found short-term bottoms near the 38.2% Fibonacci retracement level since early 2023.
“Bitcoin dropped to this level again last month before bouncing,” Abbe explained on X. “If the pattern holds, that may have been the local bottom. But if the price closes a monthly candle below it, the ongoing bull cycle could be in jeopardy.”
That retracement level currently sits just above $100,000, serving as a crucial support zone for traders tracking the broader cycle.
Outlook: Bulls Need to Prove Staying Power
While Bitcoin’s latest surge offers a glimmer of optimism, skepticism remains strong. With institutional trading resuming Monday and whale outflows persisting, analysts warn that weekend optimism may again give way to renewed selling.
As of Monday morning, Bitcoin was trading near $107,500, hovering just below resistance, leaving both bulls and bears waiting to see whether this November rally has any real staying power.
