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The largest digital asset has failed to consolidate gains above the key $30,000 zone reached in April. It might take just one bullish run to reclaim that level.
Holders of significant amounts of cryptocurrency appear to be piling into the Pepe trade, a sign that the meme crypto is attracting more serious attention.
While crypto-native issues are hitting Bitcoin prices, inflation data due through the rest of the week also should be key for digital asset prices.
One analyst noted that a frenzy over a new "memecoin," and massive losses felt by some investors, could be bad for the largest digital asset.
Just like stocks, cryptos are sensitive to macroeconomic data that could shape the future of Federal Reserve monetary policy. The jobs report is a key catalyst.