Slow miscarriage ?

Here’s a short background.

I should be around 7 weeks pregnant.

Had light spotting (kinda like this) a week ago. OB confirmed that my cervix was closed, and my HCG was up to 11,800.

Few days later, (about 4 days) the spotting began again . HCG was at 13,221 and ultrasound showed a sac, and a fetal pole but was too early to actually hear it - could just see the small flicker and the tech said that she cannot confirm that it’s a heartbeat. Measuring 5w6d.

The spotting only occurs periodically in the day, by night, nothing more. Today, it’s this. Idk if it’s the beginning of a m/c or honestly, what else it could be. Any thoughts ?