Key Points:
Bitcoin first reached $111,000 in November, but traders expect the weekend rally to be hard to sustain.
As a Bitcoin whale resumed large-scale selling, selling pressure on Bitcoin appeared on Coinbase.
Bulls still cannot reclaim the lost support level of $111,200 and above.
Bitcoin experienced a surge near the weekly close on Sunday, but the key retracement level remains out of reach.
Data from Cointelegraph Markets Pro and TradingView tracked Bitcoin's price movements, which hit a local high of $111,129 on Bitstamp.
Although Bitcoin is still in a range-bound consolidation, this price has set a new high for November. At the same time, buying interest from major exchanges has suddenly returned.
Crypto investor and entrepreneur Ted Pillows confirmed on the X platform, "Binance and Coinbase are both placing orders for Bitcoin now."
Pillows noted that this trend sharply contrasts with the significant selling pressure observed earlier in the week during U.S. trading hours.
He hinted that the weekend's upward trend would be hard to maintain once traditional financial markets reopen. "This has once again shown the typical 'Sunday pump' phenomenon, which the market has already anticipated," he added.
According to commentator Exitpump, the Sunday gains could further rise to as much as $114,000.
"If this is to happen, due to the uniqueness of Sunday, the price could easily touch $113k and $114k before entering Monday, but there is a lack of confidence in this," he wrote.
Not everyone is willing to buy in. Trader BitBull observed a redistribution from a Bitcoin whale wallet, with outflows totaling $650 million since BTC/USD dropped 20% from its all-time high.
Trader and analyst Rekt Capital pointed out that the 21-period Exponential Moving Average (EMA) for Bitcoin is a trend line that needs to be closely watched and reclaimed.
As of the time of writing, the 21-period EMA is at $111,230, setting an upper ceiling for this weekend's rebound.
"Bitcoin is not far from effectively retesting and breaking above the 21-period EMA (green)," Rekt Capital summarized on Saturday.
Meanwhile, Pillows believes bulls need to turn $112,000 into support.
Cas Abbe, a contributor to the on-chain analysis platform CryptoQuant, placed the price movements in the context of Fibonacci retracement levels.
"Since the first quarter of 2023, Bitcoin has typically bottomed near the 38.2% Fibonacci retracement level, and a similar situation occurred last month," the related X post stated:
The referenced position is just above the $100,000 mark.
Related: Mt. Gox delays $4 billion Bitcoin repayment: Is it bullish or bearish for BTC prices?
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