Bitcoin's price action has been a rollercoaster, with the cryptocurrency consolidating near its highest levels in two weeks as we approach the end of the week. However, there's a catch: Mondays have historically been a challenge for Bitcoin, with a trader warning of potential 'terrible' price movements. The market is currently focused on the $62,700 mark, a key long-term trend line and the 200-week simple moving average (SMA). Bulls managed to push the price to $63,450 on Saturday, but the question remains: will this momentum hold, or will we see a repeat of the past seven Mondays' price weakness? The answer may lie in the hands of Bitcoin exchange-traded funds (ETFs), which have been showing 'greener shoots' with renewed net inflows. The latest US nonfarm payrolls report, which came in below expectations, has sparked a softening in hawkish expectations of interest rate hikes by the Federal Reserve. This has led to a 2% pop in gold, but the real growth conviction is in crypto. Bitcoin spot ETFs have snapped a six-session outflow streak, pulling in $224 million on Thursday, their first positive print in over a week. This indicates that dip buyers are stepping back in after a significant $2.4 billion of redemptions. The market is now waiting for the Consumer Price Index (CPI) inflation data to confirm a front-end dovish repricing. The Federal Reserve's target rate probabilities for the July 29 FOMC meeting show a near-80% chance of holding rates at current levels. However, the real test will be whether the market can sustain its current momentum and avoid the 'terrible' Mondays that have plagued Bitcoin in the past. Only time will tell if this week will be different, but one thing is certain: the crypto market is a volatile and unpredictable beast, and investors need to be prepared for the twists and turns that lie ahead.
