Bitcoin price coils under $65K as US PMI data brings new ‘stagflation’ warning
Bitcoin traded flat around $64,000 at the Wall Street open, extending a range that has held since early June. A potential Iran-Oman deal to reopen the Strait of Hormuz did little to move markets after Iran said reopening was not guaranteed without US participation; WTI crude also stayed near $76. US macro data added to stagflation concerns: July ISM services PMI rose to 54.1, but employment fell to 47.4, its weakest since March, while the prices paid index jumped to 70.3, near its highest since October 2022. Analysts said this combination points to rising inflation pressure alongside a weakening labor market. On-chain and market analysts described Bitcoin as “bored” and compressed rather than capitulating, noting its weak reaction while gold and US stocks hit new highs. Bitfinex Research said BTC’s underperformance suggests stress, but a real breakdown would likely require a stronger macro shock and volume-backed selling.
