Bitcoin (BTC) climbed to a 10-week high, surpassing $97,000, following the release of robust U.S. nonfarm payrolls data and renewed calls from President Donald Trump for the Federal Reserve to lower interest rates.

According to Cointelegraph Markets Pro and TradingView, BTC/USD built on gains after the U.S. Labor Department reported that 177,000 jobs were added in April, exceeding the forecast of 140,000. This stronger-than-expected employment data suggests a resilient labor market, potentially allowing the Fed to maintain its current interest rate policy for a longer period.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Despite the implications of tighter financial conditions, both the S&P 500 and Nasdaq Composite Index rose by over 1.3% on the day. In a post on Truth Social, President Trump reiterated his stance that the Fed should cut rates, stating, "Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!!"

Market participants are closely watching the Federal Open Market Committee's next meeting on May 7. Data from the CME Group's FedWatch Tool indicates only a 2% probability of a rate cut at this meeting.

Within the crypto community, traders are analyzing Bitcoin's price movements for potential liquidity grabs. Analyst Skew noted that sellers have been defending the $97.2K level, with shorts continuing to scale into price. Another trader, Daan Crypto Trades, warned that a return to the $93K–$96K range could signify a liquidity grab before a reversal.

Rekt Capital, a popular trader and analyst, emphasized the importance of Bitcoin breaking the $99,000 resistance level to continue its upward trajectory. He stated, "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."

As of the latest data, Bitcoin is trading at approximately $96,319, reflecting the market's response to macroeconomic indicators and political commentary.