The bitcoin price has dropped below the $63,000 mark amid concerns that the U.S. economy is slipping into stagflation.

"Some worrying data has come out of the U.S., with a weaker than expected GDP print that points to a more sluggish economy while the higher Core PCE warns of an inflation problem that continues to be a thorn in the Fed's side," Monday's QCP Capital report said. The report added that if U.S. GDP continues weakening and inflation remains sticky, "the U.S. might go into a stagflation scenario, a combination of negative GDP growth and high inflation."

Last week, the U.S. Department of Commerce released data that showed first-quarter GDP growth came in at an annualized 1.6% — well below the 2.5% consensus expectation. 

The bitcoin price slipped by over 2.6% in the past …