Bitcoin Price Tops $111K as Whale Sell Pressure Caps Upside
Bitcoin price climbed to a November peak of $111,129 on Bitstamp driven by weekend buying and a classic “Sunday pump.” However, gains faded ahead of the US market open as whale sell pressure resurfaced on Binance and Coinbase, capping upside. On-chain data shows a whale offloaded over $650 million in BTC since October, including a recent $55 million transfer to Kraken. Key technical resistance lies at the 21-week EMA around $111,230, while bulls must reclaim $112,000 to establish support. Analysts suggest a brief rally toward $113K–$114K is possible but lacks conviction, and failure to hold above $112K could trigger a deeper correction. Traders also note Bitcoin price recovered near the 38.2% Fibonacci retracement at $100,000 as crucial for sustaining bullish momentum.
Bearish
We categorize this news as bearish because renewed whale sell pressure and failure to hold above the 21-week EMA and $112,000 support suggest downside risk in the short term. The classic “Sunday pump” failed to translate into sustainable momentum once traditional markets reopened, indicating profit-taking and market skepticism. In the long term, if Bitcoin cannot reclaim these key levels and stabilize above the 38.2% Fibonacci retracement near $100,000, traders may expect deeper corrections and extended consolidation rather than a strong upward trend.