Crypto prices are experiencing very high volatility as Bitcoin price is once again retesting the $42,000. At the time of writing, the leading crypto token is priced at $42,108 after a minor bounce from the Monday lows. In the heightened volatility, the much-awaited Jupiter (JUP) coin finally hit the exchanges but had a loss-filled debut.
The bearish price action comes as the markets try to digest the FOMC decision and a potentially longer tightening cycle. The recent remarks from the Fed Chair have given a major blow to the expectations of rate cuts in the March FOMC meeting.
On the same day, one of the most widely traded cryptocurrencies, Ripple (XRP), made headlines with a $112.5 million hack. According to reports, Ripple co-founder Chris Larsen’s personal wallets were hacked, depriving the executive of 213 million XRP coins.
As the law enforcement investigations begin, most funds have already been laundered via five different crypto exchanges. Consequently, XRP price fell 1.45% on Wednesday, hitting its lowest level since 19 October 2023.
Jupiter (JUP) Experiences A Rough Debut
The much-anticipated Jupiter airdrop finally occurred on Wednesday, and the Solana-based coin was finally launched on crypto exchanges. However, the Jupiter (JUP) price has been in a tailspin since its trading debut, possibly due to the airdrop receivers selling their coins. At press time, JUP crypto is trading 70% below its peak.
Bitcoin Price Outlook & Technical Analysis
On Thursday morning, BTC price is trying its best to hold the $42,000 support. The price retested the Monday lows around $41,888 in the initial hours of trading, but the bulls were quick to push the price above $42k. A breakout above $42,500 may result in a retest of the weekly highs, but a breakdown below $$41,800 could be extremely bearish.
The following chart shows that Bitcoin price has broken below the hourly uptrend line. This indicates that the bears are gaining momentum, and the bulls must step in soon.
Solana Price Dips To $93
SOL/USD is experiencing strong selling pressure after a rejection from the $107 resistance. The price of the native asset of Solana blockchain dropped to $93 in the early hours of Thursday morning. A 4-hour candle closure below $93.45 will confirm the bearish reversal with targets as low as $79 on the cards.
The following chart depicts the recent rejection and the possible price targets in case the bearish scenario plays out. To avoid the bearish outlook, Solana price needs to overcome the supply which lies within the $103-$108 zone.
