Bitcoin's price experienced a quick downturn on November 1, 2024, retracting from an earlier high of $71,400 to $69,000, a decline of nearly 1.3% within 24 hours. Trader actions followed a significant price run over the previous weeks. The downturn coincided with disappointing job growth in the U.S., which saw only 12,000 jobs added in October, marking the weakest increase since late 2020. Meanwhile, the ISM's Manufacturing PMI fell to a 16-month low of 46.5, reflecting economic softness. Despite this relatively weak data, the bond market reacted differently, with the 10-year U.S. Treasury yield rising to 4.38%. U.S. stock indices showed resilience, with the Nasdaq and S&P 500 seeing slight gains, led by Amazon's strong quarterly earnings. Although the current crypto price action is discouraging, Bitcoin remains up approximately 15% over the past month, bolstered by renewed interest in U.S.-based spot bitcoin ETFs, which often precede local price peaks.

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