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 (BTC) hit new multimonth highs after the May 2 Wall Street open as US nonfarm payrolls data beat expectations.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
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