#Bitcoin Pulls Back Ahead of CPI

What's

Driving It?

Profit-taking: Short-term holders who bought

under $ 100K sold near weekend highs at $122K. Profit/loss ratio at 1.9 a level historically followed by 5-10% pullbacks if fresh demand lags.

Liquidity risk: Spot volumes dropped 22% to

$5.7B/day, while derivatives Ol jumped 40% weekly. ETF flows turned negative with $311M outflows last week.

Macro watch: CPI on Aug 12 could set the tone

hotter print (>3.3% YoY) may delay Fed cuts and pressure $BTC; cooler print could revive bulls.

Technical view: #BTC still above 30-day SMA

($117,336), but low spot liquidity + $1.92T derivatives Ol = high volatility risk.

Key level: $117,517 support (50% Fib). A break may open path to $114,329 (78.6% Fib).