Bitcoin (BTC) hits new multimonth highs after the May 2 Wall Street open as US nonfarm payrolls data beat expectations.

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 data came in higher than expected on Friday, suggesting that the US labor market is “still holding up” as the US Federal Reserve keeps financial conditions very tight, a relative no-go for liquidity and risk assets.

Nonfarm payrolls arrived at 177,000 jobs for April, smashing the roughly 140,000 addition expected in economists’ polls. Economists had also polled for a slip from March’s reading of 239,000.

Nonfarm payrolls had slid to 83,000 in February and 145,000 in January, while December saw a huge shortfall to 78,000 versus 193,000 in November.

The strong result is ostensibly less bullish for crypto and risk assets in general as it implies that the labor market is more resilient to financial duress than anticipated.

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

Despite this, the S&P 500 and Nasdaq Composite Index were both up more than 1% on Friday as they continued to wind down a volatile week.

At the time of writing, the S&P 500 Index traded up 1.34% at 4,178.88. Meanwhile, the Nasdaq Composite Index rose 1.47% to 13,108.74.

The Dow Jones Industrial Average was up 0.8% at 33,944.

Trump calls for Fed to cut rates

In his latest post on Truth Social, meanwhile, US President Donald Trump again called on the Fed to cut interest rates — an approach he has 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 Nonfarm payrolls arrived amid a busy week for US economic data, the latest in a series of trade balance figures also saw the trade deficit widen more than expected in March, coming in at $49 billion versus $40 billion in February and a forecast of $47 billion.

The upbeat Nonfarm payrolls figures came after April’s unemployment rate was revised higher to 3.8% from 3.7%, while March saw a downward revision to 3.4% from 3.5%. Economists had forecast a slip to 3.7% for April.

The U.S. Labor Department said on Friday that employment at mining and logging, and at manufacturing, declined in April.

Nonfarm payroll employment rose by 177,000 jobs last month, higher than economists' expectations of a gain of 140,000 jobs.

Nonfarm payroll employment slid to 83,000 in February and 145,000 in January, while December saw a huge shortfall to 78,000 versus 193,000 in November.

Nonfarm payrolls had slid to 83,000 in February and 145,000 in January, while December saw a huge shortfall to 78,000 versus 193,000 in November.

Nonfarm payrolls had slid to 83,000 in February and 145,000 in January, while December saw a huge shortfall to 78,000 versus 193,000 in November.

Nonfarm payrolls had slid to 83,000 in February and 145,000 in January, while December saw a huge shortfall to 78,000 versus 193,000 in November.

Nonfarm payrolls had slid to 83,000 in February and 145,000 in January, while December saw a huge shortfall to 78,000 versus 193,000 in November.