#AppleCryptoUpdate Bitcoin joins stocks in preserving modestly higher levels on the day, while US nonfarm payrolls data shows the labor market "holding up" better than expected.

Key points:

The US labor market is “still holding up” as nonfarm payrolls data comes in higher than expected.

Bitcoin and stocks head higher as US President Donald Trump repeats calls for the Fed to lower interest rates.

BTC price action may spark a “liquidity grab” above $97,000, a trader warns.

Bitcoin hit new multimonth highs after the May 2 Wall Street open as US nonfarm payrolls data beat expectations.

Bitcoin meanders after nonfarm payrolls beat

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD building on $97,000 as markets digested the latest in a bumper week of macro data.

Nonfarm payrolls indicated 177,000 jobs added in April, considerably more than the roughly 140,000 forecast.

“The labor market is still holding up,” trading resource The Kobeissi Letter wrote in part of a reaction on X.

The strong result is ostensibly less bullish for crypto and risk assets as it implies that the labor market is more resilient to tight financial conditions, including raised interest rates, than expected.

This, in turn, gives the US Federal Reserve more leeway to keep those conditions in play for longer, depriving markets of the liquidity influx associated with lower rates.

Despite this, the S&P 500 and Nasdaq Composite Index were both up more than 1.3% on the day at the time of writing.

In his latest post on Truth Social, meanwhile, US President Donald Trump reiterated calls on the Fed to cut rates — an approach adopted throughout his ongoing implementation of trade tariffs.

“Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!!” part of the post stated, referencing various inflation markers.

As reported, the Fed’s next decision on rates will come on May 7, with markets overwhelmingly seeing no change to the current regime. The latest data from CME Group’