"BTC now doesn't seem to know where to go, whether to go up or down."
Immediately after climbing up to $65,500, the price of the currency king crypto Bitcoin (BTC) crashed back below $63,000 when Robinhood (HOOD) broker received Wells Notice last weekend from the Securities and Exchange Commission (SEC).
Even so, hedge funds Crypto QCP Capital observes renewed demand for call options BTC for September 2024 which boosts confidence the price will climb higher in the next few months.
But it should be known that investors will also examine today's March Consumer Credit Changes data release following changes in the consumer's own credit correlation strong on consumer confidence and spending.
Initial Jobless Claims data will also be released on Thursday this week which is expected to increase slightly from the previous month later preliminary readings of the May Michigan Consumer Sentiment Index will take place 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.
Grayscale Bitcoin Trust (GBTC) has received an inflow of $63 million 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.
