Why the Crypto Market May Be Ready to Go Bullish Again Soon
Although the crypto market has slowed today, it could be gearing up for a new bull trend soon thanks to some economic data.
Ethereum (ETH) is up by 9.3% over the last week but has not moved the last 24 hours as the crypto market freezes one day after shooting up quickly.
It looks like the pullback has already started, but the bull trend may not be over yet. Ethereum climbed to $2,679 (ETH/USD) before it fell and then stabilized. That was the highest ETH has moved in nearly a month, and the token has only dropped to $2,605 and not lost much of its recent gains.
Bitcoin (BTC) has enjoyed a better performance over the past few days. Like Ethereum and the rest of the crypto market, Bitcoin has slowed almost to a crawl after shooting up for several days. That token climbed to a high of $68,197 (BTC/USD) before dropping down to its current price of $67,059. Over the last seven days, Bitcoin has gained nearly 11%.
We are seeing similar trajectories across the crypto market, and much of the recent gains have been attributed to excitement about political support from Donald Trump and Kamala Harris late in the election cycle.
Where Is the Crypto Market Headed?
Crypto tokens are all elevated right now but not climbing. There is some price correction after several days of upward movement. Does this mean the end of the bullish trend? We do not believe so.
A lot of the momentum for the crypto market will come from Bitcoin, and as that token moves, so too with the rest of the marketplace. It looks like Bitcoin is only slowing down and could pick up steam again very soon, perhaps later on today.
A number of US economic reports are scheduled for Thursday afternoon, including the Retail Sales, Unemployment Claims, Business Inventories, and more. These should have a definite impact on the crypto market as well as the stock market, and if they show positive movement, we could see Bitcoin catch its second wind and pull the crypto market much higher.
Good reports there could be enough to propel Bitcoin to a record high before the end of this month.
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