Bitcoin Dominance Spikes as $100K Looms! Moon or Pullback?

Bitcoin’s unstoppable rally has the market buzzing. On November 21, BTC skyrocketed to $97,765, an eye-popping 45% gain in just 16 days. It’s now hovering at $97,154, but all eyes are on one thing: the $100,000 milestone. Can it break through, or will resistance stop it?

Why Bitcoin is Exploding Right Now

There are many reasons. Since Donald Trump’s re-election, Bitcoin has added more than $28,000 to its value, more than tripling from $28,000 a year ago. Its dominance has reached 61.5% – the highest since 2021 – pushing the total crypto market capitalization to a mind-blowing $3.28 trillion. These are huge numbers, right?

Then there is the whale activity. Recently a major player raised 3,289 BTC worth $300 million. BlackRock’s Bitcoin ETF isn’t sitting still either, generating $628 million in inflows on the same day. These moves are a major problem, tightening Bitcoin’s already scarce supply.

The big $100,000 question

This is where it gets tricky. Bitcoin is only ~2% away from hitting six figures, but resistance is piling up. Sales walls between $98,000 and $100,000 make it difficult to move up. In addition, the overbought signals flash red. The RSI, an important momentum indicator, is at 81.01 on the daily chart. Isn’t this the level where pullbacks often occur?

Nate Geraci of the ETF Store said it perfectly: “There’s only so much.” The launch of two Spot Bitcoin ETF options, all these things add support to Bitcoin’s rise.

Still, community expectations are high and people are ready to see BTC at $100,000. Charles Edwards of the Capriole Fund thinks a $100,000 breakthrough could lead to what he calls a “teleportation phase.” Prices could rise even faster once retail investors jump in and chase the hype.

What’s next?

The bottom line: Bitcoin is at a make-or-break point. If $100,000 is released, the sky is the limit. But remember that whales are lurking and short-term corrections are possible. For now, keep an eye on $98,000; this is the battleground for what happens next. One thing’s for sure: the excitement won’t wane anytime soon.