Bitcoin remains below $65,000 amid stagflation fears in the United States. The S&P Global Manufacturing PMI for July 2026 came in at 53.9, marking the twelfth consecutive month of industrial expansion, but new orders and output growth hit four-month lows while input costs remained elevated. Bitcoin ETFs experienced hundreds of millions in outflows in early August 2026, and Bitcoin’s correlation with the S&P 500 and gold continues to decline. The $63,000 support faces real pressure if the stagflation narrative intensifies, risking a negative feedback loop with additional ETF outflows.
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