TL;DR:
TL;DR: BTC market compressed in the $116–118.7K range: momentum = 0%, compression at 8% level, Max Pain "magnet" $118K to expiration Aug 15. On-chain activity and hashrate declining with exchange reserves growing +12.9%, liquidity rotation to ETH pressuring dominance. Macro backdrop moderately bullish (weak DXY/Fed rate cut expectations), but tariff risks keep headline volatility elevated.
Macroeconomics for the past week
Priority: High
China: CPI (July) 0.0% y/y; core 0.8% y/y; +0.4% m/m
Conclusion: Inflation remains around zero: food weakness offset by non-food goods and services (partly due to subsidies and seasonal factors). Picture requires targeted demand support from authorities, but without obvious price pressure.China: PPI (July) −3.6% y/y; −0.2% m/m
Conclusion: 34th month of producer deflation signals soft domestic demand and pressure on industrial margins. For external markets this means low "imported" inflation and risk of price competition from Chinese exports.US: Dollar…
