US Macro Events Loom Over Bitcoin Price Action

The new business week has started on a positive note for Bitcoin, which has increased to $63,500 after a dull weekend. However, investors should remain cautious as several macro events in the United States could impact market volatility.

The Federal Reserve will release minutes from its July 28-29 FOMC meeting, which may provide insight into the central bank's concerns over inflation and potential rate hikes. This is particularly relevant since three officials favored a rate hike in the previous meeting, despite the decision to maintain interest rates unchanged.

Other important macro releases this week include the release of US retail sales data, which unexpectedly declined by 0.6% in July, and the weekly initial jobless claims, which could provide further insight into the US labor market.