Bitcoin pushed back above the $80,000 level on May 9, gaining 1% as a strong U.S. jobs report lifted risk assets across the board. The April labor data showed 115,000 jobs added—nearly double the 65,000 economists expected—driving the Nasdaq to a 2.2% gain and the S&P 500 to record highs. Bitcoin, acting as a correlated risk asset, followed equities higher, though the $82,800 level remains formidable resistance.
The macro backdrop introduced a twist: robust employment figures reduced expectations for imminent Federal Reserve rate cuts. Markets now price a mere 6% probability of a cut at the June meeting, according to the CME FedWatch Tool. While this initially pressured crypto prices, traders noted that resilient job markets can still support broader risk appetite, and Bitcoin’s structure remains constructive. On-chain observers also flagged that miners sold roughly 3,400 BTC during the recent rally from $72K to $82.8K, booking profits to cover operational costs.
A major regulatory catalyst looms. The Senate Banking Committee scheduled an initial vote on the Crypto Clarity Act for May 14 at 10:30 AM EST. The bill, which aims to establish comprehensive digital asset rules, has drawn opposition from banks fearing stablecoin competition, but received key support from crypto firms like Coinbase after a bipartisan compromise. UBS, meanwhile, disclosed a massive institutional bet on Bitcoin, purchasing an additional 551,121 shares of MicroStrategy (MSTR) to reach a total stake of 6.31 million shares worth approximately $1.12 billion. MicroStrategy holds 818,334 BTC on its balance sheet, making the purchase a powerful validation of the corporate treasury narrative.
Traders are closely watching whether BTC can hold the psychologically important $80,000 level. This zone previously served as a reversal point in November 2025 before a climb toward $92,000. Analysts see the current pullback as a healthy retest of consolidation highs, with daily moving averages providing support. Predictions range from a breakout toward $84,000 if the Clarity Act momentum holds, to a drop toward $78,500 if selling pressure intensifies.
