Bitcoin hits new 10-week high as Trump demands rate cut on US jobs beat
Bitcoin (BTC) reached new multimonth highs, surpassing $97,000, following stronger-than-expected US nonfarm payrolls data, which reported 177,000 jobs added in April. This performance suggests a resilient labor market, potentially allowing the Federal Reserve to maintain tight financial conditions longer, impacting liquidity for crypto and risk assets. Despite this, the S&P 500 and Nasdaq Composite Index rose over 1.3%. President Trump urged the Fed to lower rates, citing inflation concerns. Market participants are cautious, with traders noting sellers defending the $97.2K level and warning of potential liquidity grabs. Analysts suggest that maintaining above $93,500 is crucial for Bitcoin's upward momentum, with a target of $99,000 for the week.
