According to CoinMeta, QCP Capital indicates that Bitcoin is currently still near the lower edge of its recent range of fluctuations. Weaker U.S. economic data and high energy prices are creating a tug-of-war situation. Retail sales in July fell by 0.6% month-on-month, and the preliminary consumer confidence index dropped to 51.0. Coupled with weakening employment data, market expectations for a Fed interest rate hike in September have dropped to around 30%, but Brent crude oil remains close to $89 per barrel. The uncertainty surrounding the Strait of Hormuz continues to pose a risk of energy inflation. Bitcoin is currently trading at around $63,000 and has not seen any more significant breaks below this level. However, the rebound lacks sustained momentum, with implied volatility for one-month options at around 26%, which is higher than the actual volatility of around 20%. The market will next focus on the minutes of the FOMC meeting to be released on Wednesday, as well as the PCE and Jackson Hole annual meetings later this month.