Key Market Movements
Bitcoin (BTC) experienced a late surge into Sunday's weekly close, though crucial reclaim levels remained out of reach for traders. Data from Cointelegraph Markets Pro and TradingView tracked BTC's price action, which reached local highs of $111,129 on Bitstamp, marking a new November high amidst a sudden return of bidder interest on major exchanges.
Trader Skepticism Towards "Sunday Pump"
Crypto investor and entrepreneur Ted Pillows confirmed on X that Binance and Coinbase were actively bidding on BTC, a trend that contrasted with the sell-side pressure observed during the week, particularly in US sessions. Pillows implied that a weekend move to the upside would likely not hold once traditional financial markets reopened.
"I would really appreciate that if they'll bid on weekdays too. Another Sunday pump, and we know how this ends," he stated, expressing distrust in the sustainability of the rally.
Commentator Exitpump projected further Sunday gains, potentially topping out at $114,000. However, he expressed low conviction in this scenario, noting that due to the nature of Sundays, the price could easily tag $113,000 and $114,000 heading into Monday.
Meanwhile, trader BitBull observed renewed distribution from a Bitcoin whale wallet. Outflows worth $650 million have been noted since BTC/USD experienced a significant crash of up to 20% from its all-time highs in October.
The insider OG whale is selling more Bitcoin.
— BitBull (@AkaBull_) November 2, 2025
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? pic.twitter.com/irzkWhQLzG
Key Support Levels Remain Elusive
Trader and analyst Rekt Capital identified Bitcoin's 21-week exponential moving average (EMA) as a critical trend line that needs to be reclaimed. At the time of writing, the 21-week EMA was situated at $111,230, acting as the current ceiling for the weekend's upside movement.
Rekt Capital summarized on Saturday that Bitcoin was not too far from reclaiming the 21-week EMA for a successful post-breakout retest.
Ted Pillows highlighted the necessity for bulls to flip the $112,000 level back to support, emphasizing that strong volume would be required for further upside. He warned that a failure to achieve this would likely result in a more significant correction.
$BTC pumped a little on the US-China trade deal.
— Ted (@TedPillows) November 2, 2025
But the strength is still not there.
Bitcoin needs to reclaim $112,000 level with strong volume for more upside.
A failure to do that will result in a bigger correction. pic.twitter.com/WcyuNjyEkD
Cas Abbe, a contributor to the onchain analytics platform CryptoQuant, placed the current price action within the context of Fibonacci retracement levels. According to an X post, BTC has historically bottomed around the 38.2% Fibonacci level since Q1 2023, with a similar pattern observed last month.
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.
The Fibonacci level in question was positioned just above the $100,000 mark.
