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What will be different this time about Bitcoin’s latest Sunday pump?

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Blue Star Capital Secures £1.25M For Bitcoin and Crypto Treasury
Blue Star Capital Secures £1.25M For Bitcoin and Crypto Treasury

The following are key points.

  • Bitcoin has reached $111,000, the highest level since November. However traders are predicting that the gains of the past weekend will be retracted.

  • Coinbase faces pressure from a Bitcoin whale who has resumed distributing BTC.

  • The bulls have not been able to recover lost support above $111200.

BitcoinBTCThe weekly closing on Sunday was dominated by a bid that came in late, as the key levels of reclaim remained out-of-reach.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Bitcoin traders are distrustful “Sunday pump”

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView Bitstamp’s BTC prices reached a local high of $111129.

Although still a rangebound level, this new November high was accompanied by a return in bidder activity on the major exchanges.

“Binance and Coinbase are bidding on $BTC now,” Ted Pillows is a crypto investor, entrepreneur and businessman. confirmed on X. 

Pillows observed that this trend was in contrast to that of the previous week. As Cointelegraph reportedThe US session in particular was marked by the pressure of the sell-side.

After the TradFi return, the weekend’s upward movement would no longer be valid.

“I would really appreciate that if they’ll bid on weekdays too. Another Sunday pump, and we know how this ends,” He added.

BTC/USDT 1-minute chart with Cumulative Volume Delta (CVD). Source: Ted Pillows/X

Exitpump, a commentator on the Exitpump website, forecasted that Sunday’s gains would be at least $114,000 and possibly more.

“If that’s going to happen, then due to nature of Sunday, price can easily tag 113k and 114k going into Monday, but have low conviction in this,” He wrote.

Order-book Binance BTC/USD data. Source: Exitpump/X

Some people were not in the market to purchase. BitBull traders observed that a Bitcoin whale’s wallet was distributing again, with $650m in outflows since the BTC/USD crashed up to 20% from all-time highs In October,

BTC Price Support is not possible

Rekt, a trading and analysis firm, identified Bitcoin’s exponential moving (EMA) 21-week trend line as a key support or resistance level.

Related: Bitcoin starts $100K ‘capitulation’ as BTC price metric sees big volatility

At the time this article was written, the 21 week EMA was $111,230. This is currently the upper limit of weekend gains.

“Bitcoin is not too far away from reclaiming the 21-week EMA (green) for a successful post-breakout retest,” Rekt Capital summarized Saturday.

BTC/USD chart for one day with 21 week EMA. Source: Cointelegraph/TradingView

Pillows saw that bulls needed to return $112,000 to the support.

Cas Abel, contributor of the CryptoQuant onchain analytics platform, has meanwhile placed price movements in the context Fibonacci level retracement.

“BTC usually bottoms around 38.2% Fibonacci level. This has been the case since Q1 2023, and last month something similar happened,” You can find out more about this by clicking here. X post On the subject stated. 

“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.”

It was just a little bit above the $100,000 level.

BTC/USD one-month chart. Source: Cas Abbe/X

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making any kind of decision.