Bitcoin price coils under $65K as US PMI data brings new ‘stagflation’ warning
Bitcoin price action stayed compressed in an ongoing divergence from stocks and gold while US PMI data sparked fresh talk of “stagflation.”
Bitcoin's price remained stagnant around $64,000 on Thursday, as it diverged from both US stocks and gold. Analysts noted signs of a potential resurgence in US stagflation, with the US Institute for Supply Management (ISM) reporting a PMI of 54.1 for July, up by 0.1 point, while employment fell by 3.6 points to 47.4. The prices paid index surged by 2.6 points to 70.3, indicating persistent pressure from rising prices and a weakening labor market.
Glassnode, an onchain analytics platform, stated that Bitcoin is currently experiencing "boredom rather than capitulation" as it fails to break out of a range established since June. In contrast, gold reached six-week highs, and the S&P 500 achieved all-time highs. Bitfinex Research noted that a more decisive macro bottom trigger is needed for a genuine Bitcoin breakdown, as current conditions lack sufficient force and supportive volume.
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