Bitcoin Bullish Pattern Stalls: Key Resistance Levels Preventing a Breakout

Bitcoin's technical charts remain bullish, but the price breakout has stalled. Our analysis reveals the key resistance levels and market factors—from whale activity to macroeconomic pressure-that are holding BTC back right now.

Bitcoin (BTC) started November quietly, holding near$110,350 after a flat 24 hours. Bitcoin price charts are still pointing to a possible reversal as the pattern remains intact — a structure that usually signals a major upward shift.

However, BTC has not yet managed to breakout. On-chain Data explains what makes these moves standstill and what could eventually change them.

Cost base Heatmap shows why breakout is faltering

Bitcoin's base cost distribution Heatmap-a graph showing where investors last bought their coins-highlights the reasons BTC continues to struggle near current levels.

Between US$110,000 and US$112,500, there is a thick supply zone where about 434,000 BTC last accumulated. 

Dense clusters like this often become resistance, as many traders who buy at this level want to sell when the price returns to their cost base.

Heatmaps help identify where pockets of holder activity are concentrated, while showing which price levels act as support or resistance.

Whales seem ready to change the game

Whale may be the catalyst carrier. On-chain Data shows large wallets holding between 1,000 and 10,000 BTC are accumulating again.

The change in the number of 30-day whale addresses turned positive (+6) for the first time since August 31, which signaled the accumulation resumed after months of dormancy.

Meanwhile, the total number of whale addresses fell to a three-month low on October 27, but has since continued to rise, and is now in the range of levels last seen on October 3.

This rise shows renewed confidence from big players, a trend that often emerges before price breakouts. The Dashboard that tracks these wallets also includes exchange, ETF, and custodian addresses, providing a broad overview of institutional activity.

BTC price chart: bullish setup, waiting for a trigger?

Technically, Bitcoin is still moving inside a clear inverse head and shoulders formation. A daily close above$116,400 will confirm a breakout, while opening the way towards targets at$122,000,$125,900, and$130,800.

Adding to this bullish setup, the Relative Strength Index (RSI) — a tool that measures buying and selling strength — shows a bullish divergence.

Between October 22 and October 30, the price of Bitcoin formed a lower low while the RSI formed a higher low. Such a move often signals a trend reversal and the beginning of upward momentum.

BTC price chart, US$112,590 became a key resistance level. This Level corroborates the stagnant breakout theory indicated by the cost base heatmap. For BTC, the$112,500–$112,590 zone may be the most crucial in the short term.

However, if Bitcoin breaks below us$106,200, the breakout structure that is still intact could start to lose shape. 

A further drop below$103,500 would invalidate the entire bullish pattern, while confirming that sellers have regained full control.

*Disclaimer:

The Analyses expressed on Umetonews are for informational purposes online.

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