Bitcoin and Gold Rally on Improved US Services PMI

Bitcoin's price surged past $80,000 on Thursday, joining broader cryptocurrency gains following the release of the US Services PMI. The data showed accelerating momentum across the sector, with the Services PMI climbing to 55.4 in August, outpacing expectations.

The improved ISM Services PMI comes as inflationary pressures intensified, with the Prices Paid Index (PPI) rising to 72.6 from 70.3. Labor market conditions showed a modest uptick, and business activity accelerated. This signals that the US economy is resilient amid sticky higher inflation.

Gold also rallied, trading at $4,500, up over 2% on the day. The metal's price remains above its key EMAs, with the RSI in neutral-to-positive territory and the MACD showing waning bearish pressure.

The improved economic data has led to a cautious stance from policymakers, who are monitoring inflationary pressures despite softer July CPI numbers. This has kept the Federal Reserve's 2% target firmly in focus.