Bitcoin Price Nears $100,000, but Can the Rally Sustain?

Bitcoin’s rally has taken the market by storm, and it’s hard to ignore the buzz. On November 21, BTC soared to $97,765, marking an incredible 45% gain in just 16 days. With the price now hovering around $97,154, the big question is: can Bitcoin break the $100K barrier?

As it inches closer to this historic milestone, there’s more at play than just the numbers. What’s driving this surge, and what’s standing in its way?

Why Bitcoin Is Exploding Right Now

There are several reasons behind Bitcoin’s surge. Since Donald Trump’s re-election, Bitcoin has added over $28,000 to its value, more than tripling from $28,000 a year ago. Its market dominance has jumped to 61.5%, the highest since 2021, pushing the overall crypto market cap to an incredible $3.28 trillion.

These are seriously huge numbers!

A key factor driving this rise is the heavy whale activity. Recently, a major player bought 3,289 BTC worth $300 million. On top of that, BlackRock’s Bitcoin ETF saw $628 million in inflows on the same day. These moves are squeezing Bitcoin’s already limited supply, adding to the momentum.

The Big $100K Question

Now, here’s where it gets tricky. Bitcoin is just ~2% away from hitting six figures, but resistance is piling up. Sell walls between $98,000 and $100,000 are making it tough to push higher. Plus, overbought signals are flashing red. The RSI, a key momentum indicator, is at 81.01 on the daily chart— Isn’t this the level where pullbacks often happen?

Nate Geraci from the ETF Store put it perfectly: “There’s only so much to go around.” The launch of two Spot Bitcoin ETF Options, all these things add support for Bitcoin to rise.

Despite the challenges, the crypto community remains optimistic. Charles Edwards from Capriole Fund suggests that a breakthrough above $100K could kick off a “teleportation phase,” where prices could surge even faster as retail investors jump in, driven by the excitement.

• Also Read :
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What’s Next?

Bitcoin is at a critical point. If it breaks through $100K, there’s no telling how high it could go. But with whales watching closely and short-term corrections a possibility, the path ahead may not be straightforward. For now, keep an eye on $98,000—it’s the key level to watch as Bitcoin prepares for its next move.

The countdown to $100K is on, and the excitement around Bitcoin shows no signs of slowing down.

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