Will the Crypto Bull Run Continue or See a Pullback in the Next 48 Hours?

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The crypto market has continued its explosive rally, taking the valuation of the business 3.22% higher to $3.8 trillion. Trading volume surged by 87.37%, crossing $210 billion, indicating a surge in market activity ahead of the U.S. CPI data release date, which is set for tomorrow. 

Talking about the bluechip coins, Bitcoin price is at $122,525, up 12.13% in the past 7 days, while Ethereum has outpaced with a 19.62% jump. The Fear & Greed Index sits at a greed-driven score of 70, signaling euphoria, but also caution. So, will the crypto bull run continue, or is a pullback in store? Join me as I decode the possible trend. 

U.S. CPI Data: The Volatility Trigger?

All eyes now turn to the U.S. CPI data release on July 15 at 08:30 ET. The forecast stands at 2.6%, up from the previous 2.4%. A hotter-than-expected print could trigger a broad risk-off reaction, introducing volatility across crypto and equities alike. Conversely, a favorable CPI number could further extend the rally.

Bullish Momentum Persists?

It is worth noting that several market metrics continue to support the ongoing bull trend. As per CoinGlass, Funding rates for BTC at 0.0105% and ETH at 0.0107% remain modest. Which implies that leverage on majors is under control. Bitcoin’s breakout above $106,500 marked a critical technical acceleration, with the price currently in a vertical expansion phase. 

At the same time, altcoin funding rates are flashing red. Assets like LA/USDT and HIFI/USDT on Bitget are showing extreme funding levels above 0.26%–0.32%, which highlights the possibility of liquidation cascades due to overleveraged long positioning. 

Signs of a Pullback Still on Cards?

However, short-term caution is warranted. A key on-chain indicator, the Bitcoin: Exchange Stablecoin Ratio, has surged from 5.5 to 5.95 in just one week. This suggests that stablecoin reserves on exchanges are not keeping pace with BTC deposits. This mirrors declining immediate buying power, a condition that often paves the way for short-term pullbacks.

Analyst Views

Michael Van de Poppe cites that Bitcoin has cleared multiple liquidity zones and could move toward $125k–$130k range. Any dip near the $110k–$105k zone may offer opportunities for spot accumulation. Successively, BTC’s next price move will determine the broader market’s projection.

Furthermore, RSI on Bitcoin’s 4H chart is hovering near overbought territory, with signs of flattening momentum. While this doesn’t confirm a reversal, it aligns with the idea of an overheated short-term structure.

Conclusion

While the macro bull trend remains intact, a short-term pullback within the next 48 hours is likely. This would be driven by weakening stablecoin liquidity, excessive altcoin leverage, and macro uncertainty. However, such dips are expected to be temporary and present buying opportunities if CPI data and technical structures remain supportive.

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