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Bitcoin lingers above $64K as US PMI sparks stagflation worries

BTC/USD hovered around $64,000 and fell about 0.5% on the day, while US ISM Services PMI rose but employment slipped to its lowest reading since March, adding to price pressure concerns.

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Bitcoin traded in a tight range above $64,000, staying down roughly 0.5% on the day as US stocks opened flat, according to Cointelegraph data from TradingView. Glassnode said Bitcoin showed little reaction as gold moved to its highest level in six weeks and the S&P 500 hit all-time highs, pointing to a compressed, under-owned market left behind by broader risk appetite.

Cointelegraph linked the subdued crypto tone to fresh US macro signals from the ISM Services PMI and employment data. The July PMI edged up 0.1 point to 54.1, while employment fell 3.6 points to 47.4, its lowest since March.

The report also highlighted rising inflation pressure within the survey: the prices paid index jumped 2.6 points to 70.3, near the highest since October 2022, with prices paid up 16.9 points since March 2024. Kobeissi Letter argued the combination signaled intensifying odds of stagflation.

Cointelegraph also cited crypto analytics commentary from Glassnode and Bitfinex Research that stressed the need for a stronger macro bottom trigger. Bitfinex Research said bitcoin’s underperformance versus the Nasdaq and S&P 500 signals underlying stress, but a more meaningful breakdown would likely require something more forceful followed by volume-supported price action.

Latest closeGold $4,292.00 ▲1.1%|Bitcoin $64,346.66 ▼0.4%|S&P 500 7,709.96 ▼0.2%

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