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Bitcoin coils under $65,000 as PMI data revives stagflation talk

8/7/2026

Bitcoin's price action is staying compressed below $65,000, and the conventional narrative says stagflation should be its moment.

US PMI data has added a fresh stagflation warning to the macro backdrop, yet $BTC is diverging from both stocks and gold.

The stagflation read-through Stagflation (stagnant growth alongside persistent inflation) has historically been framed as favorable for hard assets.

The bull thesis puts $BTC alongside gold as a hedge against exactly this kind of environment.