Bitcoin (BTC) struggled to reclaim the $80,000 level at Friday’s Wall Street open after US jobs data came in much stronger than expected, reducing the likelihood of interest rate cuts from the Federal Reserve.

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The Bureau of Labor Statistics reported 115,000 nonfarm payrolls added in April, far exceeding the expected 65,000. The unemployment rate held steady at 4.3%. Bitcoin initially dipped on the news, as a stronger labor market gives the Fed less reason to ease monetary policy.

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Traders, however, remain cautiously optimistic. Analyst Daan Crypto Trades called the current price action a "retest of the highs from the previous consolidation," stressing it's a key level for bulls to hold. Cryptic Trades described it as a "healthy bullish backtest before a continuation higher."

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The CME FedWatch Tool now shows market expectations of a potential rate hike at the Fed’s next meeting on June 17, adding further pressure on risk assets like Bitcoin.