#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 + $1.92T derivatives Ol = high volatility risk.$BTC