📉 Bitcoin Pulls Back Ahead of CPI — Key Drivers in Focus

💰 Profit-Taking Pressure
Short-term holders who accumulated below $100K took profits near weekend highs of $122K. The profit/loss ratio stands at 1.9, a zone that has historically preceded 5–10% pullbacks when fresh buying momentum fails to emerge.

💧 Liquidity Concerns
Spot trading volumes slid 22% to $5.7B/day, while derivatives open interest surged 40% over the week. Meanwhile, Bitcoin ETFs saw net outflows of $311M last week, reflecting waning institutional inflows.

📊 Macro Catalyst Watch
The U.S. CPI report on Aug 12 looms large. A hotter-than-expected reading (>3.3% YoY) could delay Fed rate cuts and weigh on BTC sentiment, while a softer print might rekindle bullish momentum.

🛠 Technical Outlook
Bitcoin remains above its 30-day SMA at $117,336, but thin spot liquidity paired with $1.92T in derivatives open interest raises volatility risks.

📍 Key Level to Watch
$117,517 (50% Fibonacci retracement) is critical support. A decisive break below could open the door to deeper retracements.

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