"BTC now doesn't seem to know where to go, whether to go up or down."
Shortly after climbing up to $65,500, the price of cryptocurrency king Bitcoin (BTC) fell back below $63,000 when broker Robinhood (HOOD) received a Wells Notice last weekend from the Securities and Exchange Commission (SEC).
Even so, crypto hedge fund QCP Capital is eyeing renewed demand for BTC call options for September 2024 which boosts confidence the price will climb higher in the coming months.
However, it should be noted that investors will also examine the March Consumer Credit Change data release today following changes in consumer credit that have a strong correlation to consumer confidence and spending.
Initial Jobless Claims data is also due out on Thursday this week which is expected to increase slightly from the previous month then the preliminary reading of the May Michigan Consumer Sentiment Index is due on Friday.
In addition, the preliminary May Consumer Inflation Expectations report will also be released on Friday this week and in addition to the economic report, there will be eight Federal Reserve (Fed) speeches that may cause some uncertainty.
It's also worth noting that Grayscale Bitcoin Trust (GBTC) received $63 million in inflows while firms like Coinbase, Block and MicroStrategy reported increased earnings last week which drove the entire crypto market to improve before retreating slightly.
As of this writing, BTC price has plunged by 1.23% to $63,455 in the last 24 hours with a market capitalization of over $1 trillion and has recorded a 0.85% decline over the past week.
