Bitcoin must clear $65,000 before Friday, or jobs data could turn $62,000 into a trapdoor to $60,000
Bitcoin and jobs data are on a collision course this week, with the price pinned between $62,200 and $65,000 after the first economic release worked against the bulls.
The ISM Manufacturing PMI printed 55.6 on Aug. 3, beating the 54.0 consensus and rising from June's 53.3 to its highest reading since May 2022. New orders climbed to 56.7, and employment entered expansion for the first time in 33 months at 52.8.
Prices paid held at 71.1, a level that keeps the inflation case alive even as growth accelerates.
Bitcoin traded near $63,755 when the report landed, inside a session range of $62,227 to $64,059. That puts the price between the floor traders have defended since Aug. 1 and the ceiling that has rejected every rally attempt since July's high near $66,934.
That range means more this week because the Federal Reserve's July 29 hold came apart at the seams. The Federal Open Market Committee kept the target range at 3.50% to 3.75%, but the vote split 9-3, with Beth Hammack, Neel Kashkari and Lorie Logan wanting a 25-basis-point hike immediately.
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