A higher-than-expected 177,000 jobs were added to the U.S. economy in April, triggering a rally in traditional markets as Bitcoin moved closer to $98K.
Strong Employment Data Drives Bitcoin Toward $98K Milestone
A stronger-than-expected 177,000 jobs were added to the U.S. economy in April, as reported by the U.S. Department of Labor on Friday, surprising bearish economists. Unemployment remained steady at 4.2%. Following the news, both traditional and crypto markets experienced a surge, with Bitcoin (BTC) hovering just below $98K.
On Thursday, economists at data analysis firm FactSet predicted that the U.S. would add 135,000 jobs—42,000 fewer than the actual figure reported by the government. At the time of reporting, the S&P 500, Nasdaq, and Dow Jones Industrial Average rose by 1.64%, 1.88%, and 1.50%, respectively. Meanwhile, the crypto market also climbed modestly by 0.21%, reaching a total market capitalization of $3.04 trillion, according to CoinMarketCap.
Earlier in the week, the Department of Commerce reported that the U.S. economy contracted by 0.3%. Then, on Thursday, the Department of Labor released data showing that 241,000 unemployed Americans filed for jobless benefits during the week ending April 26. Many attributed the negative data—which occasionally caused BTC to stumble and unsettled traditional markets—to President Donald Trump’s controversial tariff policies. However, with strong jobs data now available and Bitcoin approaching $98K, Standard Chartered Bank’s forecast of a “fresh all-time high” of $120K by summer now appears more realistic.
Geoffrey Kendrick, head of digital assets research at Standard Chartered, anticipates a fresh all-time high of $120K for Bitcoin in Q2. He also stated that his end-of-year forecast remains at $200K.
Market Metrics Overview
On Friday morning, Bitcoin reached $97,905.90 but then slightly retreated, currently trading at $97,337.50. According to CoinMarketCap, this reflects a 0.14% increase over the past 24 hours. The cryptocurrency fluctuated within a narrow range between $96,222.76 and $97,905.90, with its weekly performance showing a solid 1.88% rise.
Despite the price increase, Bitcoin’s 24-hour trading volume sharply declined by 15.10%, dropping to $27.20 billion. This drop signals a slowdown in market activity. However, Bitcoin’s market capitalization saw a slight increase to $1.93 trillion, up 0.15% from the previous day, reflecting continued investor interest. Bitcoin’s dominance in the broader crypto market also rose by 0.16 percentage points to 64.85%, reaching its highest level since 2021.
Activity in the derivatives market showed mixed signals. According to Coinglass, BTC futures open interest slightly dipped by 0.30%, falling to $67.69 billion. Over the past 24 hours, total liquidations amounted to $661,120, with long positions accounting for the majority of the liquidations at $551,770, indicating that bulls may have misjudged the market’s short-term direction. In contrast, short sellers experienced only $109,350 in liquidations, suggesting a more cautious and defensive approach.
