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Bitcoin shot up 4.5% on Jan. 29, climbing to around $105,000 after the Federal Reserve decided to hold interest rates steady. Traders snapped back to riskier assets after five straight days of losses.

The surge puts Bitcoin just $4,000 shy of its all-time high, which it hit last week on ‘crypto president’ Donald Trump’s first day in office. The sudden price hike came as markets tried to shake off the chaos caused by a Chinese AI startup, DeepSeek, which had sent stocks and crypto spiraling.

Bitcoin has been moving more in step with stock markets in recent weeks. The correlation tightened after inflation worries pushed both Wall Street and crypto into a risk-off mood earlier this month.

Stephane Ouellette, CEO of FRNT Financial Inc., said Bitcoin’s bounce wasn’t just about the Fed’s announcement. “Rather than a direct response to today’s Fed announcement, we view the move as more related to recovering from the nonsensical sell-off earlier in the week and putting the Fed announcement behind us,” he explained. For traders, the Fed’s pause gave markets the breather they needed.

Powell’s crypto remarks turn heads

At the press conference that happened after the Federal Open Market Committee meeting today, Powell made a pro-crypto comment, or at least the closest thing to it.

“Banks are perfectly able to serve crypto customers as long as they can understand and service the risks,” Powell said, which is a huge change in attitude from the Biden era’s hardline approach.

Under Biden, crypto businesses struggled to maintain relationships with banks, often being dropped for reasons shrouded in secrecy. Now, Powell is telling banks that they don’t need to shut out crypto, as long as their operations are “safe and sound.”

The comment is also a huge departure from the debanking drama of recent years, where major institutions cut off access to financial services for crypto companies. Powell addressed the issue head-on, saying:

“We certainly don’t want to take actions that would cause banks to terminate customers who are perfectly legal just because of excess risk aversion.”

Senate hearing to investigate debanking

On February 5, the U.S. Senate Banking Committee will hold a hearing to investigate debanking practices targeting the crypto industry. Republicans on the committee have confirmed three witnesses: Nathan McCauley, CEO of Anchorage Digital; Evan Hafer, founder of Black Rifle Coffee; and Stephen Gannon, a partner at DWT Law.

Their testimonies are expected to pull back the curtain on specifically how and why banks were severing ties with crypto businesses.

Hafer, known for running a conservative-owned business, has also faced account closures. The committee’s investigation seeks to determine if banks are selectively cutting off clients for political or regulatory reasons.

And the banks have gone into full-on damage control mode. Bank of America told Fox Business, “We never close accounts for political reasons. We are required to follow strict government rules and regulations, which sometimes lead to decisions to exit certain relationships.” JPMorgan took a similar line, saying, “We follow the law. Full stop. Political bias has no place in our policies.”

Still, those reassurances aren’t sitting well with crypto insiders. Many have long accused Wall Street of playing favorites, cutting off access to crypto businesses to protect their dominance. Jamie Dimon, JPMorgan’s CEO, weighed in on the issue during his company’s podcast, The Unshakeables. He admitted that banks are often forced to shut accounts but can’t legally disclose the reasons to their clients, saying:

“We should be allowed to tell clients why. There should be far clearer rules about what we have to do and what we don’t have to do.”

Last week, Donald Trump blasted Bank of America CEO Brian Moynihan in a speech at the World Economic Forum. The president accused Bank of America and JPMorgan of locking out conservative businesses. 

“They don’t take conservative business,” Trump said. “I don’t know if the regulators forced that because of Biden or what, but you and Jamie and everybody—I hope you open your banks to conservatives because what you’re doing is wrong.”

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Jupiter (JUP) price is down 10% in the last 24 hours, cooling off after a strong rally fueled by major developments. In recent weeks, JUP made headlines with key acquisitions, including Moonshot and SonarWatch, and surpassed Raydium in Total Value Locked (TVL).

Despite the ongoing correction, its EMA lines remain in a bullish setup, while smart money continues accumulating JUP at near-record levels. Whether JUP finds support or extends its decline below $1 will depend on how the market reacts to its latest price movements.

Jupiter (JUP) RSI Turns Neutral After Hitting Overbought Zone

Jupiter RSI hit 75.9 four days ago after its price surged following the announcement of its acquisitions of meme coins launchpad Moonshot and SonarWatch.

However, since then, RSI has declined to 51.44 as the price dropped sharply, now down roughly 10% in the last 24 hours. This suggests that the recent rally has lost strength, and selling pressure is increasing as traders take profits.

JUP RSI. Source: TradingView

RSI (Relative Strength Index) measures momentum, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. JUP’s RSI is now at 51.44, which means it is no longer overbought but hasn’t reached oversold territory.

If RSI continues to drop, further downside could follow. However, if buyers step in and RSI stabilizes, JUP could find support and attempt a recovery.

Smart Money Currently Holds 48.5 Million JUP

The number of smart wallets holding JUP saw a sharp increase, rising from 22 on January 18 to 63 on January 23, before dropping to 44.

Meanwhile, the supply held by these wallets has continued to grow, moving from 38.7 million JUP to 46.2 million and now reaching 48.5 million, after touching 49.5 million four days ago. This suggests that while some large holders may have exited, the overall accumulation trend remains strong.

JUP Tokens Held by Smart Wallets. Source: Nansen

Tracking smart money is crucial because these large holders can significantly impact price movements. Although the total number of smart wallets has dropped from its peak on January 23, the JUP supply in these wallets is still high, currently very close to its all-time high.

This indicates that fewer but larger entities are accumulating JUP, which could signal strong conviction among key players. If this trend continues, it may provide price stability and even fuel a potential rebound. However, if accumulation slows or reverses, it could lead to increased selling pressure and heightened volatility.

JUP Price Prediction: Will JUP Fall Below $1 Soon?

Jupiter EMA lines remains bullish, with short-term moving averages still positioned above long-term ones. However, if the current correction continues, JUP could test the key support level at $0.98.

Losing this support could trigger further downside, with potential declines toward $0.83 or even $0.76.

JUP Price Analysis. Source: TradingView

Despite the ongoing correction, a trend reversal could see JUP attempting to break past resistance levels it failed to surpass in recent days.

The first key targets would be $1.22 and $1.27, which previously acted as strong resistance. If these are broken, JUP could test levels around $1.4 again, solidifying its position as one of the leading applications on Solana.