Bitcoin finally climbed back above $80,000 tonight — and the surge coincided with the release of US services data.
The facts: The US ISM Services PMI for October came in at 54.5 at 22:00 WIB (InvestingLive, Smart Investing and Trading, Nov. 4), below expectations of 54.8 and September’s 54.9. It’s still in expansion territory — above 50 — but growth is slowing: new orders fell to 55.9 from 59.8, business activity to 53.8 from 56.5, while prices paid edged down only slightly to 73.0 from 74.0 and employment rose to 51.4 from 50.1. At the same time, BTC surged from around $78,300, where it had been flat throughout the afternoon, to a high of about $81,180, and is now holding around $80,646. ETH also rose to around $2,441, SOL to around $97, and XRP to around $1.326.
My take: Slowing services data gives the market a reason to think there’s still room for easing, but prices paid at 73 are a reminder that services inflation hasn’t cooled down — so this isn’t a “everything’s fine” report. To be honest about the timing: the rally had already started before the release (the 21:30 candle had already risen to around $79,400), so the ISM accelerated this move rather than creating it. And there’s a real counterpoint: spot BTC ETFs have recorded outflows for three consecutive sessions, totaling around $1.16 billion (Oct. 30–Nov. 3, Farside Investors).
What I’m watching: whether BTC stays above $80,000 through the daily close — analysts quoted today say a breakout alone isn’t enough without spot buying and ETF flows turning positive again — then Friday’s US jobs report, and the next resistance levels around $81,300–$81,971.
What do you think: is tonight’s break above $80,000 the start of a recovery, or a trap like previous rallies?
This is my analysis, not financial advice — always DYOR.
#Bitcoin #ISM $BTC $ETH
The facts: The US ISM Services PMI for October came in at 54.5 at 22:00 WIB (InvestingLive, Smart Investing and Trading, Nov. 4), below expectations of 54.8 and September’s 54.9. It’s still in expansion territory — above 50 — but growth is slowing: new orders fell to 55.9 from 59.8, business activity to 53.8 from 56.5, while prices paid edged down only slightly to 73.0 from 74.0 and employment rose to 51.4 from 50.1. At the same time, BTC surged from around $78,300, where it had been flat throughout the afternoon, to a high of about $81,180, and is now holding around $80,646. ETH also rose to around $2,441, SOL to around $97, and XRP to around $1.326.
My take: Slowing services data gives the market a reason to think there’s still room for easing, but prices paid at 73 are a reminder that services inflation hasn’t cooled down — so this isn’t a “everything’s fine” report. To be honest about the timing: the rally had already started before the release (the 21:30 candle had already risen to around $79,400), so the ISM accelerated this move rather than creating it. And there’s a real counterpoint: spot BTC ETFs have recorded outflows for three consecutive sessions, totaling around $1.16 billion (Oct. 30–Nov. 3, Farside Investors).
What I’m watching: whether BTC stays above $80,000 through the daily close — analysts quoted today say a breakout alone isn’t enough without spot buying and ETF flows turning positive again — then Friday’s US jobs report, and the next resistance levels around $81,300–$81,971.
What do you think: is tonight’s break above $80,000 the start of a recovery, or a trap like previous rallies?
This is my analysis, not financial advice — always DYOR.
#Bitcoin #ISM $BTC $ETH