Bitcoin (BTC) is having some difficulty moving past $70,000 at the moment, as it comes out of a bearish trend.

Currently, the token is priced at $70,464 (BTC/USD). It is up just 0.29% from the previous day, so there is very little movement happening. So far as trading starts for Thursday, we are seeing the same treading water action that we saw on Wednesday.

Bitcoin is simply going nowhere as the whales try to boost the coin up to a new record high and the cautions investors pull out in fears that Bitcoin is not going any higher for now. The more serious fear for investors is that Bitcoin is preparing to turn around after shooting up on Monday. Since that upward swing has not continued and momentum has slowed considerably, does that mean that Bitcoin is preparing to dive again?

Bitcoin managed a 5% correction after going bearish, but that surge could be at an end. The hope for many is that the coin will still rally and hit $100,000 in the near future. On the horizon, we see the imminent halving that could help shoot Bitcoin’s price up, at least for a little while.

Should We Expect a Bull Run Soon?

As Bitcoin stagnates, one of two things is very likely to happen. The token will either shoot up and continue toward a new record high or it will falter and fall back down below $68,000 for a little while. What happens next will determine if we will see $100,000 form Bitcoin anytime soon.

Investors should watch the economic data very carefully. If there is any negative sentiment there, it is likely to drive down Bitcoin’s price further and keep it from reaching the record high again.

Unemployment claims are down for the US right now, with numbers steadily decreasing in most parts of the country. Inflation is still high, though, at 3.15%, which is an increase from last month’s 3.09%. Mixed economic signals are not helping Bitcoin skyrocket, so it will not take much to tip the coin in either direction.