Bitcoin recently experienced a significant surge, reaching an all-time high of $111,000, signaling a notable rebound in its November rally. Despite this optimistic trend, market sentiment remains cautious as key support levels remain elusive and major exchange activity shows mixed signals. With large whales actively distributing Bitcoin and traditional market pressures persisting, the cryptocurrency landscape faces a complex balancing act between on-chain dynamics and external macroeconomic factors. 2023’s surge in crypto has pushed bitcoin to record highs. However, the rally is facing headwinds as it struggles to reclaim crucial support levels. Major exchanges like Coinbase and Binance are showing signs of buying activity, but without strong institutional participation, this momentum could fade quickly. Meanwhile, large-scale Bitcoin whale distributions suggest ongoing selling pressure, further compounding downward pressure on prices. 21-week exponential moving average (EMA) remains a critical indicator to confirm trend reversals. Fibonacci retracement levels, meanwhile, are being scrutinized by analysts as potential bottom indicators. While the cryptocurrency’s price approached weekly close, it still struggles to firmly reclaim critical support zones. The market awaits decisive action from both bulls and bears in the coming days.