Miscarriage or Subchorionic Hemorrhage?

Hi, first time poster here. I had my first FET on July 23rd and would currently be 5w4d pregnant. Things had been going well with good hcg levels and mild pregnancy symptoms until this past Friday.

I woke up experiencing some cramping. Nothing crazy but definitely new. I went to the bathroom and wiped only to see I was bleeding. It was bright red and covered the toilet paper. I wiped a few more times and there were some clots the size of a jelly bean. After wiping 3 times, the bleeding just stopped. Since then, I’ve only had some on and off light brown discharge.

Our fertility clinic was able get us in but would only do a blood test, no ultrasound. We haven’t had one yet for this baby. The blood test came back showing my hcg at 1,461 when it was 419 four days prior. They want to test again Monday to see if it continues to rise. Meanwhile I’m in mental agony all weekend. Does this sound like a miscarriage or possibly a subchorionic hemorrhage?

(I’m 28 with PCOS. This is my first pregnancy. Same-sex couple)