Bitcoin $BTC surged to $97,586, a multimonth high, following the May 2 Wall Street open, driven by stronger-than-expected US nonfarm payrolls data.Federal Reserve, Bitcoin Price, Markets, Donald Trump, Market Analysis
According to Cointelegraph Markets Pro and TradingView, BTC/USD hovered around $97,000 as markets processed a packed week of macro data. April’s nonfarm payrolls reported 177,000 jobs added, surpassing the anticipated 140,000.“The labor market remains robust,” The Kobeissi Letter noted on X. #BTCRebound
This resilience could dampen crypto and risk asset enthusiasm, signaling the economy’s ability to withstand tight monetary policies, including elevated interest rates. A stronger labor market suggests the Federal Reserve may maintain these conditions, delaying liquidity boosts from potential rate cuts.Still, the S&P 500 and Nasdaq Composite Index climbed over 1.3% on the day.
On Truth Social, President Donald Trump urged the #Fed to slash rates, a stance tied to his tariff policies. “Consumers deserve lower prices. NO INFLATION, THE FED MUST CUT RATES!!!” he posted, citing inflation metrics.#Trump100Days
The Fed’s next rate decision is set for May 7, with CME Group’s FedWatch Tool showing a mere 2% chance of a cut, indicating broad expectations of unchanged rates.
#Fed target rate probabilities for May FOMC meeting. Source: CME GroupCaution on BTC price “liquidity trap” Bitcoin traders monitored seller activity as prices pushed higher. “Sellers are holding at $97.2K, with shorts piling in. Spot flow will likely dictate the trend,” one analyst observed.Some warned that recent highs might be a setup for a reversal, with one X post noting: “$BTC broke above the $93K-$96K range after a week of consolidation (via BingX chart). But a retreat into that range could signal a liquidity grab.”
Analysts added that maintaining above $93,500 keeps Bitcoin poised for further gains, but breaking the $99K resistance marked by a lower high is critical for sustained momentum.
