Compass Investments

-Highlights: Bitcoin hit the $111,000 mark for the first time in November, but traders believe the gains will weaken over the weekend.

selling pressure on Coinbase comes as the major bitcoin holder resumes BTC distribution.

The bulls have yet to regain lost support at $111,200 and above.

At the close of the week on Sunday, there was a late move as key price levels remained elusive.

Bitcoin traders don’t believe in a Sunday rebound.

Cointelegraph Markets Pro and TradingView data captured the price movement of BTC as it reached a local peak of $111,129 on Bitstamp.

Although it is still within the range, this level became a new high in November amid a sudden increase in trading activity on the major trading platforms.

Binance and Coinbase are now actively trading $BTC, crypto investor and businessman Ted Pillows confirmed in a post on X.

Pillows pointed out that this dynamic is different from what was observed during the week. As Cointelegraph reported, the week saw some selling pressure during the U.S. sessions in particular.

In his opinion, the weekend rebound will not be sustained once the traditional financial markets reopen.

He said he would appreciate it if they would bet on weekdays. One more Sunday pump-up and we know how it’s going to end, he added.

Exitpump commentator predicts a continuation of Sunday’s rally all the way to $114,000.

If that happens, given the nature of Sunday, the price could easily hit $114,000 and $114,000 on Monday, but I’m not so sure, he wrote.

ot everyone is in a buying mood. BitBull trader BitBull recorded a resumption of distributions from the wallet of a major bitcoin holder, with outflows totaling $650 million since BTC/USD fell 20% from all-time highs in October.

The “old whale” within the system continues to sell bitcoin.