Bitcoin Price Whipsaws On NFP Jobs Data: Which Is The Best Crypto To Buy Now?

Another day, another weak jobs report, creating extreme volatility for crypto prices. 

August’s Nonfarm Payrolls came out at 22,000, significantly below the 75k forecast. Meanwhile, the US unemployment rate increased from 4.2% to 4.3%, the highest reading since October 2021. 

After lacklustre jobless claims and ADP data earlier this week, the August NFP jobs report has all but guaranteed a September rate cut. In fact, the CME FedWatch reveals that three rate cuts this year is now the odds-on scenario. 

Bitcoin initially rallied on the back of the NFP jobs data, climbing to $113,400. However, renewed recession fears triggered a sell-off in U.S. equities, resulting in a sharp correction in BTC to $110,280.

Altcoins are faring much worse, with Ethereum ecosystem coins and Solana meme tokens among the biggest losers. 

However, experts remain confident that Bitcoin will form a local bottom in September, followed by an explosive bull run in Q4. Smart money investors are using the crypto market crash to accumulate high upside altcoins at cheap prices.

Experts believe that assets showing resilience during the broader market downturn are among the best cryptos to buy now. MemeCore, Aerodrome Finance and Pump.fun are in high demand, as are meme coins like Bonk, Dogwifhat and Dogecoin. 

Low-caps like Bitcoin Hyper are also being tipped by analysts as the next 100x crypto. 

Continues Weakness In The Labour Market Sparks Recession Concerns – Bullish or Bearish? 

Fed Chair Jerome Powell’s concerns from his recent Jackson Hole symposium are panning out. The downside risk in the labour market far outweighs the risk of elevated inflation in the US economy. 

In fact, there is now a growing concern among experts that the Federal Reserve might have been too late to cut interest rates. 

The latest Nonfarm Payrolls data shows that the US added just 22,000 jobs in August, considerably below the expected 75,000. 

The details are even worse. For instance, the US lost 357,000 full-time jobs in August, while gaining nearly 600,000 part-time jobs, suggesting economic pain among the masses. 

Furthermore, the June jobs report was further revised down by 160,000, revealing that the country lost 13,000 jobs, instead of gaining 147,000 as was previously reported. 

This week’s NFP and jobless claims data further confirm the weakness in the labour market, indicating that the US economic growth could be slowing down. 

Despite the recession concerns, the jobs data has all but guaranteed aggressive rate cutting by the US Federal Reserve. The CME FedWatch is now showing over 70% odds of three rate cuts this year, which is a decidedly bullish development for Bitcoin and the crypto market. 

Bitcoin Price Shows Volatility, But Experts Believe The Bottom Is Near

Bitcoin showed extreme price fluctuation following the August jobs report, caught between the bullish development of aggressive rate cuts and the bearishness of the stock market. 

There remains a considerable possibility that the BTC price tests the $100,000 psychological support level in the coming weeks. 

However, experts remain confident that Bitcoin will form a bottom in September and resume its uptrend in Q4. 

BTC is already showing a bullish divergence in the weekly timeframe, which would be a massively bullish signal. 

However, sidelined investors should buy Bitcoin only after a weekly close above $112,500. 

Best Cryptos To Buy Now

Crypto assets that tend to show resilience during market crashes tend to outperform when the broader market outlook improves. 

Unsurprisingly, Aerodrome Finance, MemeCore and Pump.fun are among the best cryptos to buy now. Prominent analyst Nebraskangooner indicates that the PUMP coin has flipped a key resistance level as well. 

Notably, meme coins like Dogecoin, Dogwifhat and Bonk are also showing noticeable bullish strength. 

Among the low caps, Bitcoin Hyper (HYPER) is in high demand, having already raised $14 million in its viral presale. 

Being a new BTC layer-2 coin, HYPER is being viewed by experts as a beta bet on BTC. Whales continue to invest six figures into the new crypto, knowing full well that layer-2 coins often end up reaching multibillion-dollar valuations. 

Notably, utility coins are making a comeback in the later stages of the bull cycle. With Bitcoin expected to hit $150,000 this year and Ethereum $6,000, there is a high likelihood that coins like HYPER deliver outsized returns. 

Prominent analysts are bullish on Bitcoin Hyper’s upside potential, with many calling it the best crypto to buy now. Others are viewing it as the next 100x crypto. 

Visit Bitcoin Hyper Presale

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