Bitcoin Jumps to Two-month High on Strong US Jobs Data
Bitcoin reached fresh multi-month highs following the Wall Street open on May 2, after U.S. nonfarm payrolls came in stronger than expected.
According to data from TradingView, BTC/USD continued climbing past $97,000 as traders processed another major release in a busy week for macroeconomic indicators.
April’s nonfarm payroll report showed 177,000 new jobs added, beating the estimated 140,000.
“The labor market is still holding up,” trading platform The Kobeissi Letter wrote in a post on X in response to the data.
While solid employment figures suggest strength in the economy, they are seen as less favorable for crypto and other risk assets.
A resilient labor market implies that current tight monetary conditions, including higher interest rates, may remain in place longer than anticipated.
This potentially gives the Federal Reserve more flexibility to maintain restrictive policies, which can limit liquidity — a key driver of upward momentum in crypto markets.
Nevertheless, the S&P 500 and Nasdaq Composite Index were both trading more than 1.3% higher at the time of writing.
Meanwhile, in a post on Truth Social, U.S. President Donald Trump once again urged the Fed to lower interest rates, aligning this stance with his broader trade policy moves.
“Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!!” the post read, pointing to various inflation data points.
The Fed is set to announce its next interest rate decision on May 7. Market expectations suggest no change, with the CME Group’s FedWatch Tool showing only a 2% chance of a cut.
Within the crypto space, traders were closely observing how sellers reacted to Bitcoin’s continued push upward during the week.
“Going to be an interesting day ahead,” said trader Skew on X, sharing a chart with exchange order book data, adding:
“Sellers have been defending $97.2K & shorts continue to scale into price. Passive spot flow will probably again decide the trend.”
Another trader, Daan Crypto Trades, warned that the recent breakout may simply be a short-term move to capture liquidity before reversing.
“$BTC Broke out of the $93K to $96K range after price action got compressed for about a week,” he wrote on X, just before the macroeconomic data release, and added:
“So far it's a similar setup as the week before, but I wouldn't want to see it trade back into that $93K-$96K range or this would just be a liquidity grab.”
TheKingfisher, another well-known trader, pointed to bid-side liquidity as a potential reason for a short-term retracement to $95,000.
At the same time, trader and analyst Rekt Capital shared a near-term BTC price target of $99,000 for the week’s close.
“If Bitcoin continues to hold above $93,500 (as it has been thus far), then price will be positioned for a move across the range,” he explained with a weekly chart of BTC/USD, adding:
“However, it's key that $BTC breaks the black Lower High resistance within this Range which is positioned at ~$99k this week.”
Sources:
https://cointelegraph.com/news/bitcoin-hits-10-week-high-trump-demands-rate-cut-on-us-jobs-beat
https://www.tradingview.com/symbols/BTCUSD/?exchange=BITSTAMP
https://x.com/KobeissiLetter/status/1918282218767593867
https://truthsocial.com/@realDonaldTrump/posts/114438304481024140
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
https://x.com/52kskew/status/1918288945886187523
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