Mondays May Be BTC's Kryptonite, But Crypto Market Shows Signs of Life

Bitcoin's price has been consolidating near its two-week high as traders gear up for potential market turbulence. According to data from TradingView, BTC/USD is currently focusing on $62,700, which marks a key long-term trend line and the site of the 200-week simple moving average.

Bulls managed to push prices up to $63,450 on Saturday, but trader Killa warned that past Mondays have been 'terrible' for BTC price action. In fact, all seven previous Mondays have seen significant price weakness.

Despite this cautionary view, other traders are optimistic about the short-term prospects for Bitcoin and risk assets in general. QCP Capital noted that renewed net inflows to US spot Bitcoin exchange-traded funds (ETFs) may be a sign of 'greener shoots' forming in the crypto market.