Was the Chinese balloon indeed a spy at work or was it just hot air?

Balloons are 18th century tech; Chinese satellites allow for surveillance with far higher levels of efficiency

The so-called China spy balloon matter has caused a diplomatic crisis with the US Secretary of State pulling out of a scheduled high-level visit to Beijing, while the Chinese government has vowed to give an “appropriate response” to the downing of the balloon off the Atlantic coast.

However, the incident itself has multiple puzzling factors. As far as one can figure, a Chinese balloon was spotted crossing the Pacific Ocean, and arriving in Alaska (on the North West coast of the US) and then crossing the entire breadth of the North American continent, including overflying Canada before it headed South