# Bitcoin Price Stalls Below $65K as US PMI Data Sparks 'Stagflation' Fears Latest economic indicators reignite concerns over rising prices and weakening employment. - **Source:** [Cointelegraph.com News](https://brifing.si/source/2e81e982-0137-4db0-8ac2-351f37085775) - **Published:** 2026-08-06 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/2f9688ba-05ba-4194-bc6b-e71ae5b0ac64 ## Bitcoin's Lackluster Performance Bitcoin prices remained stagnant at the Wall Street open, hovering above $64,000. This stagnation contrasts sharply with the performance of US stocks and gold. Notably, Bitcoin failed to react even as the S&P 500 hit all-time highs. Analysts highlight that Bitcoin is lagging behind global risk appetite, signaling underlying market stress. ## Impact of US PMI Data The US Purchasing Managers' Index (PMI) data has heightened stagflation risks. While the PMI rose 0.1 points to 54.1 in July, the employment index dropped 3.6 points to 47.4—the lowest reading since March 2024. Meanwhile, the prices paid index surged 2.6 points to 70.3, nearing October 2022 highs. This divergence underscores growing economic pressures from both inflation and a weakening labor market. ## Stagflation Concerns Mount According to The Kobeissi Letter, stagflation risks are intensifying as prices rise and the labor market weakens. Since March 2024, the prices paid index has climbed 16.9 points. This trend reflects dual pressures of inflation and unemployment. Analysts warn that PMI data reinforces the likelihood of stagflation, posing challenges for policymakers and investors alike. ## Uncertainty in Oil Markets Expectations of a deal between Iran and Oman to reopen the Strait of Hormuz have injected uncertainty into oil markets. Without US participation, it remains unclear when international shipping will fully resume. Iran's Deputy Foreign Minister Kazem Gharibabadi clarified that the agreement doesn't guarantee immediate reopening, leaving traders cautious about supply disruptions. ## Oil Price Volatility US WTI crude oil stabilized at $76 per barrel after hitting three-week lows of $74.30. Ongoing supply concerns continue to drive volatility in energy markets, which could spill over into alternative assets like Bitcoin. The lack of clear direction in oil prices adds to broader macroeconomic uncertainty. ## Bitcoin's Technical Outlook Glassnode's analysis describes BTC/USD as 'boredom rather than capitulation,' with prices trapped in a tight range since early June. Despite gold reaching six-week highs, Bitcoin has shown little reaction. Analysts note that bottoming conditions are forming but remain incomplete, testing investor patience amid muted price action. ## Macro Triggers Needed Bitfinex Research argues that Bitcoin requires a more decisive macro bottom trigger than current conditions provide. While underperformance versus the Nasdaq and S&P 500 reflects underlying stress, a genuine breakdown demands stronger catalysts followed by volume-supported price action. This suggests the market faces prolonged uncertainty before a clear trend emerges. ## Bitcoin's Long-Term Trajectory Cointelegraph reports parallels between 2026's bear market and 2018's cycle, with Bitcoin gradually eroding support levels. Analysts see history repeating but emphasize Bitcoin's long-term potential amid global economic crosscurrents. The path to recovery may hinge on resolving stagflation risks and renewed institutional interest in crypto assets. ## Sources covering this story - https://cointelegraph.com/markets/bitcoin-price-compresses-as-us-pmi-data-brings-new-stagflation-warning?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._