Bitcoin Tests $103,500 Level as Stablecoin Data Point to Near-Term Pressure

Bitcoin is approaching a critical $103,500 threshold that will determine its next directional move, Delphi market analysts said on Nov. 26. A bullish scenario requires the current pullback to complete an ABC correction and break above $103,500, while a bearish case would see the rally form a lower high below that level, triggering a five-wave impulse decline before a larger rebound. Stablecoin metrics complicate the outlook: USDT dominance is breaking a long-term downtrend as its supply contracts on weekly timeframes, conditions that typically do not support sustained rallies.