Bitcoin price hits $111K November high but bear market fears persist
Bitcoin reached a November high near $111K, but traders are skeptical of the rally amid ongoing whale distribution and failure to reclaim key support levels.Summary
Bitcoin (BTC) briefly touched a local high of $111,129 on Sunday, marking a new November high amid renewed bidder interest, particularly from Coinbase and Binance. However, traders expressed distrust in this "Sunday pump," anticipating the upside would fade once traditional finance markets reopened, as similar weekend rallies have historically failed to sustain. Concerns are amplified by continued distribution from a Bitcoin whale wallet, which has moved over $650 million worth of BTC to exchanges since the October crash. Technically, bulls are struggling to reclaim crucial support levels, specifically the 21-week Exponential Moving Average (EMA) at $111,230 and the $112,000 mark, which analysts suggest is necessary for further upside. Meanwhile, context from Fibonacci retracement levels suggests that if Bitcoin closes a monthly candle below the $100,000 mark, the current bull run could be over, although recent price action bounced off a key Fibonacci level.
(Source：Cointelegraph)