Why was Bitcoin down on Aug 7, 2026, 3:49 AM UTC?

Bitcoin is essentially flat with minimal movement (-0.26% in 24h), and the recent news doesn't clearly explain this stagnation—the Senate delay on crypto legislation and ETF competition are marginally negative but not dramatic catalysts. The lack of volatility appears driven by technical consolidation rather than fundamental news, though the broader macro environment (storage chip sector weakness, regulatory uncertainty) may be contributing to subdued risk appetite.