Blockchain

On Wednesday (January 31), the highly anticipated Jupiter (JUP) airdrop took place. Jupiter, a decentralized exchange aggregator built on the Solana blockchain, has been making waves in the crypto space lately, even surpassing Uniswap in terms of trading volume. However, the airdrop, while initially boosting JUP’s value, has been followed by controversy.

Jupiter (JUP) Airdrop Stats

Tom Wan, a researcher at 21.co, the parent company of 21Shares, commented on the magnitude of the airdrop, stating, “It was one of the largest airdrops on Solana ever, with over 440,000 addresses claiming 622 million JUP tokens, valued at approximately $3.6 billion. Remarkably, 54% of eligible wallets have yet to claim their JUP, leaving approximately 378 million JUP unclaimed.”

1/ One of the largest Airdrop on @solana is live

Over 440k Addresses claimed 622M ($3.6B) JUP token from @JupiterExchange. 54% of the eligible wallets haven’t claimed JUP yet, and there are ~378M unclaimed JUP pic.twitter.com/7my3PLTo5I

— Tom Wan (@tomwanhh) February 1, 2024

Wan went on to provide insights into the distribution of JUP tokens, revealing that a majority of claimants received less than 1,000 JUP. He stated, “59% of claimants, or 261,000 wallets, received only 200 JUP, while approximately 1,500 wallets received between 100,000 and 200,000 JUP. Notably, those who received higher airdrop amounts appear to be holding onto their JUP tokens, with 72% of recipients of less than 1000 JUP having already sold their tokens.”

Regarding the Solana network itself, it continued to perform exceptionally well during the airdrop event. Solana handled 13% more transactions than in the past 90 days, maintaining a block time of approximately 400 milliseconds. The network also experienced a surge in active addresses, reaching a one-year high on the day of the JUP airdrop. However, Solana handled this increased activity perfectly.

Despite the average transaction fee doubling compared to the previous day, it remains relatively low at around $0.017 per transaction. Additionally, the minimum priority fee on the Solana network remained at 0, indicating that the network still accommodated users’ transactions without significant fees.

JUP Price Quadruples, Then Plunges On Controversy

Initially, the JUP token’s price surged to over $2 on some exchanges, such as KuCoin, quadrupling its value. However, this enthusiasm was short-lived due to controversial actions taken by the Jupiter team. It allegedly conducted a large-scale public token sale, sparking outrage, fear, uncertainty, and doubt (FUD) within the crypto community.

Among others, crypto analyst Lord Ashdrake expressed his concerns, stating, “We literally bought into an OpenMarket sale for JUP, akin to an IPO on the stock market.” Similarly, Adam Cochran, a partner at CEHV, criticized the team’s actions, highlighting that they retained a significant portion of tokens without a lockup period.

So [Jupiter] gave 50% of token to themselves, it was not their first token, used their own platform which also paid self, pulled liquidity from the pool in cash, gave a cut to the dev team. So cash out $30m day one with no lockup, and still own 50%? Shitty antics throwing away reputation of what could have been a *very* successful business long term.

In response to the criticism, Jupiter co-founder Meow defended the team’s decisions, clarifying that they only sold 250 million JUP tokens and reduced the sales ratio from 20% to 2.5%. Meow emphasized the team’s willingness to experiment with new concepts and prioritize the community’s interests.

Meow stated, “We are doing so to figure out a good open market dynamic that prioritizes users, does not wreck early launch pool buyers, and does not demoralize community hodlers. We think this system is a good one because it compels the team to price it reasonably and strengthens alignment between early buyers, the team, and community hodlers.”

Hi all, i got advice in discord to be even more clear so let me say it simply:

If i did an OTC deal or a regular IDO, we would have gotten a similar amount if not more without any of the confusion that comes with pioneering new concepts and absolutely zero risk. Trust me, that…

— meow (@weremeow) February 1, 2024

Buy Or Sell Jupiter (JUP) Now?

Despite the controversy, Jupiter presented impressive statistics for January, including being the most-used trading platform in DeFi, having a direct 80% organic volume, and being the most-used protocol on the Solana network. The project also ranked among the top 2 by volume on CoinGecko and was one of the leading perpetual platforms with $1.4 billion in volume over the past week.

So, while the Jupiter (JUP) airdrop may have faced initial controversy, the project is still showcasing remarkable potential. As it positions itself as a direct competitor to Ethereum’s Uniswap, the history of Uniswap’s UNI token price may suggest JUP’s promising future, provided it navigates its early tokenomics challenges effectively.

At press time, JUP traded at $0.6118 on Binance.

We are looking for motivated individuals to join our remote sales team. This is a ‘work from where you like’ position.

What’s the role?

NewsBTC generates the revenue it uses to fund its journalism through advertising. We help companies in the space (and outside the space) get their product or service in front of the millions of users our website attracts every month. 

As a member of our sales team, you’d be in charge of communicating with these companies, both on an inbound and an outbound basis, and putting together campaigns based on the advertising options we offer.

Training will be provided.

Required:

Motivated
Sales experience
Strong internet connection

Preferred:

Involvement or interest in the crypto/blockchain space

Compensation:

Super competitive, will be discussed directly with applicants. 

Interested?

Email Samuel Rae at samuel@newsbtc.com and let him know why you want the position. 

Note: We’re not your usual company and we don’t take the usual approach to hiring. If we think you’re a good fit, we’re not going to make you jump through hoops and all that nonsense before you start. We’ll probably take a look at your CV, but it’s all about you NOW so don’t let something small that you might be worried about stop you getting in touch. 

The cryptocurrency industry has witnessed a significant change in the movement of stablecoins, offering valuable observations into the evolving dynamics of the market. Recent data from IntoTheBlock and CryptoQuant has shown a surge in stablecoin inflows into exchanges, reaching record highs in January.

Notable inflows were observed on January 2nd ($478 million), January 3rd ($489 million), and January 26th ($673 million). However, this trend has since reversed, with outflows dominating the market.

On January 30th, there was a substantial outflow of $412 million, marking the second-highest daily outflow recorded in the month, following the $541 million outflow on January 19th.

USDT Leads Stablecoin Rally, But Caution Persists In Crypto Market

An analysis of the 24-hour trading volume of the top stablecoins on CoinMarketCap reveals that Tether (USDT) and USD Coin (USDC) collectively accounted for approximately 90% of the total volume. Tether, in particular, has been dominant in terms of flows, with a 24-hour trading volume exceeding $42 billion, while USDC’s volume stood at around $6 billion.

Taking a closer look at the flow of USDT through CryptoQuant, it was found that there was a substantial inflow of $373 million on January 26th, followed by a prevailing trend of outflows, with over $83.4 million observed at the time of writing.

Experts suggest that the rise in stablecoin inflows onto exchanges, particularly the $478 million on January 2nd, could indicate traders’ and investors’ readiness to participate in the market or their desire to safeguard their funds during uncertain times.

Conversely, the shift towards outflows may signal caution or preparation for potential market volatility. Additionally, the substantial inflow of stablecoins, especially USDT, could indicate increased buying power and intentions to establish positions in the cryptocurrency space.

Stablecoins Surge, Signal Investor Preparation

The increase in stablecoin inflows onto exchanges can be interpreted in two ways. Firstly, it may indicate that investors and traders are preparing to enter the market. By moving their funds into stablecoins, they can quickly transition into other cryptocurrencies when they perceive favorable opportunities. This suggests a readiness to participate and take advantage of potential market movements.

Secondly, the rise in stablecoin inflows may also reflect a desire to keep funds in a secure manner, particularly during uncertain times. Stablecoins offer stability by being pegged to a specific asset, such as the US dollar, which can be appealing to investors seeking to protect their capital in times of market volatility. This cautious approach can be seen as a way to safeguard funds and mitigate risks in an unpredictable market.

Tether Records Nearly $3 Billion Profit 

Meanwhile, Tether announced a “record-breaking” $2.85 billion in quarterly profits as the market capitalization of its main token, USDT, approached $100 billion.

According to a blog post by Tether, the interest gained on the company’s enormous holdings in US Treasury, reverse repo, and money market funds—which support the USDT stablecoin—account for around $1 billion of the earnings in the most recent quarterly attestation report that was released on Wednesday. Everything else was “mainly” due to the growth of Tether’s other assets, like gold and bitcoin (BTC), the stablecoin issuer said.

Featured image from Wccftech, chart from TradingView

Bankrupt cryptocurrency lending company Celsius Network has followed behind FTX, revealing plans to disburse billions of dollars in crypto to creditors and establish a new Bitcoin mining company for its creditors. 

Celsius To Distribute $3 Billion In Crypto To Creditors

In a press release published on Wednesday, Celsius Network announced its successful emergence from bankruptcy. The company is now set to implement its “plan of reorganization,” which involves distributing over $3 billion in crypto assets and fiat currency to its creditors. 

The crypto lending company claimed that the reorganization plan has gained approval by approximately 98% of the company’s account holders. Additionally, Celsius disclosed that the plan has been confirmed and accepted by the Bankruptcy Court of the New York Southern District and the United States Securities and Exchange Commission (SEC). 

Earlier in 2022, Celsius filed for bankruptcy in New York after becoming one of the many victims of the crypto market’s dramatic plunge which saw major token prices falling to new lows. Subsequently, the crypto lending platform froze all withdrawals, temporarily shutting off account holder’s access to their savings and funds. 

Now, 18 months after halting withdrawals, Celsius is finally settled and has initiated steps to reimburse creditors. The crypto lending platform disclosed plans to boost its cryptocurrency distribution to creditors by almost $250 million. This would involve converting altcoins to Bitcoin (BTC) and Ethereum (ETH). 

“Our exit from bankruptcy is the culmination of an extraordinary team effort and extensive collaboration between Celsius, Hut 8, strategic partners, and our creditors,” Members of the Special Committee of the Board of Celsius, David Barse and Alan Carr stated. 

The conclusion of the long-awaited repayment and the company’s reorganization plans marks a milestone for Celsius as it reflects the organization’s commitment to its creditors. It also underscores its compliance with regulatory obligations and resolvement of intricate legal issues within its business. 

Celsius Forges Ahead With Creation Of New Bitcoin Mining Company

As Celsius works to disburse $3 billion to its creditors, the crypto lending platform has also announced plans to create a new Bitcoin mining company, Ionic Digital, Inc. The Bitcoin mining company will be owned by Celsius creditors, and mining operations will be managed by Hut 8 Corp, a North American digital asset mining company. 

The objective of the Bitcoin mining company is to consistently provide recoveries to creditors and ensure that the best outcomes are guaranteed for them. After gaining the necessary requisite approvals, Ionic Digital stocks are expected to be publicly traded. Certain shares of the Bitcoin mining company have already been allocated to Celsius creditors.  

Additionally, the Chief Commercial Officer (CCO) of Hut 8, Matt Prusak, will assume the role of Chief Executive Officer (CEO) at Ionic Digital. The publication revealed that he will be working with Celsius’s board of directors appointed by the Official Committee of Unsecured Creditors (UCC).

Tron price is eyeing a fresh increase from the $0.1112 support against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1140.

Tron is moving higher above the $0.1120 resistance level against the US dollar.
The price is trading above $0.1125 and the 100 simple moving average (4 hours).
There was a break above a key contracting triangle with resistance at $0.1126 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.1165 or even $0.1200.

Tron Price Restarts Increase

Recently, Bitcoin and Ethereum saw a major rejection. However, Tron price remained stable above the $0.1100 support. Earlier, there was a steady increase toward the $0.1165 level before TRX started a downside correction.

There was a move below the $0.1150 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.1059 swing low to the $0.1165 high. The bulls are now protecting the $0.1125 support zone and the 100 simple moving average (4 hours).

Tron is now moving higher and trading above $0.1120. There was a break above a key contracting triangle with resistance at $0.1126 on the 4-hour chart of the TRX/USD pair.

Source: TRXUSD on TradingView.com

On the upside, an initial resistance is near the $0.1140 level. The first major resistance is near $0.1150, above which the price could accelerate higher. The next resistance is near $0.1165. A close above the $0.1165 resistance might send TRX further higher toward $0.1200. The next major resistance is near the $0.1125 level, above which the bulls are likely to aim for a larger increase toward $0.1300.

Are Dips Supported in TRX?

If TRX price fails to clear the $0.1140 resistance, it could start a downside correction. Initial support on the downside is near the $0.1120 zone.

The first major support is near the $0.1100 level or the 50% Fib retracement level of the upward move from the $0.1059 swing low to the $0.1165 high, below which it could test $0.1085. Any more losses might send Tron toward the $0.1050 support in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.

Major Support Levels – $0.1100, $0.1085, and $0.1050.

Major Resistance Levels – $0.1140, $0.1165, and $0.1200.

Ethereum price started a fresh decline from the $2,350 resistance. ETH is now testing the $2,240 support and remains at risk of more downsides.

Ethereum started a fresh decline after it failed to surpass the $2,350 resistance zone.
The price is trading below $2,300 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
The pair might start a fresh increase if it manages to stay above the $2,240 level.

Ethereum Price Eyes Fresh Increase

Ethereum price attempted a fresh increase above the $2,320 resistance zone. However, ETH struggled to gain strength for a move above the $2,350 resistance zone, like Bitcoin.

A high was formed near $2,350 and the price started a fresh decline. There was a clear move below the $2,320 and $2,300 levels. The price retested the $2,240 support. A low is formed near $2,241 and the price is now consolidating losses.

It is testing the 23.6% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD.

Ethereum is now trading below $2,300 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,275 level. The next major resistance is near $2,300 or the trend line. It is near the 50% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low.

Source: ETHUSD on TradingView.com

The next key resistance might be $2,325, above which the price might rise and test the $2,350 resistance. If the bulls push the price above the $2,350 resistance, they could aim for $2,400. A clear move above the $2,400 level might send the price further higher. In the stated case, the price could rise toward the $2,450 level.

More Losses in ETH?

If Ethereum fails to clear the $2,300 resistance, it could continue to move down. Initial support on the downside is near the $2,240 level.

The next key support could be the $2,200 zone. A daily close below the $2,200 support might start another steady decline. In the stated case, Ether could test the $2,120 support. Any more losses might send the price toward the $2,080 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,240

Major Resistance Level – $2,300

Anticipations for the upcoming Bitcoin halving event are high in the cryptocurrency community, with hopes of BTC witnessing a massive rally post-event. Nonetheless, several key factors should be considered prior to the halving.

Important Considerations Ahead Of The Impending Bitcoin Halving

Ali Martinez, a famous cryptocurrency analyst has revealed the major key points investors need to watch out for ahead of Bitcoin halving. The analyst shared his opinions on the subject through the social media platform X (formerly Twitter).

In the X post, Martinez pointed out just four important factors to consider as the event drew near. The upcoming halving, expected to take place by April this year, will be the fourth time it has been done.

One of the first and key areas highlighted by Martinez to spot is the post-Bitcoin halving corrections. Martinez stated that within a month following the 2020 and 2026 halvings, BTC saw substantial corrections, which preceded this price surge.

He explained that within a month after the 2016 event, the price of Bitcoin fell by 30%. He also said a similar scenario played out in the 2020 halving, which saw price plummet about 7%.

The Bitcoin halving has always been viewed as a bullish development that leads to a significant rise in the price of BTC. This is primarily due to the fact that as demand increases, the quantity of fresh BTC coming into the market declines.

For the second key point to look out for, Martinez has underscored massive post-halving rallies. According to him, there is typically a sharp increase in the price of Bitcoin after the post-halving drop.

In particular, the expert asserted that after the halvings in 2012, 2016, and 2020, the price of Bitcoin surged by 11,000%, 2,850%, and 700%, respectively. Due to this, many experts anticipate that BTC’s price will reach a new all-time high after the event is concluded.

Significant Change In The Market

Martinez’s third crucial aspect to consider is the bull market durations. As is widely known, every previous halving event often ushers in a bull market.

He then shared a calculative time of how long the market rallied during all the previous halving. Martinez stated that the 2012, 2016, and 2020 bull market lasted for 365 days, 518 days, and 549 days, respectively. 

Meanwhile, the last part pointed out by the expert is the next market top. He believes that Bitcoin will get to a new peak by April or October 2025. Martinez anticipates this to take place if only the upcoming event follows historical patterns. So, he has urged the crypto community to be vigilant and observe these patterns.

As of now, BTC is trading a little above $42,000, showing a decrease of almost 2% in the past 24 hours. Its trading volume has increased by 14% today, while its market cap is down by 1.90%.

Arthur Hayes, the founder of BitMEX, has offered an in-depth analysis of the current financial landscape and its potential impact on Bitcoin, especially in light of the recent challenges faced by New York Community Bancorp (NYCB) and the broader banking sector.

Hayes’s analysis draws on the complex interplay between macroeconomic policies, banking sector health, and the cryptocurrency market. His comments are particularly insightful given the recent developments with NYCB. The bank’s stock plummeted by 46% due to an unexpected loss and a substantial dividend cut, which was primarily attributed to a tenfold increase in loan loss reserves, far exceeding estimates.

This incident raised red flags about the stability and exposure of US regional banks, particularly in the real estate sector, which is known to be cyclically sensitive and vulnerable to economic downturns. The stock market reacted negatively to these developments, with regional US bank stocks also declining due to NYCB’s performance.

Weekend Rally Ahead For Bitcoin?

Hayes explicitly stated, “Jaypow [Jerome Powell] and Bad Burl Yellen [Janet Yellen] will be printing money very soon. NYCB annc a ‘surprise’ loss driven by loan loss reserves rising 10x vs. estimates. Guess the banks ain’t fixed.” This comment underscores the persisting fragility of the banking sector, still reeling from the shocks of the 2023 banking crisis. He added, “10-yr and 2-yr yields plunged, signaling the market expects some sort of renewed bankster bailout to fix the rot.”

Furthermore, Hayes highlighted the impending conclusion of the Federal Reserve’s Bank Term Funding Program (BTFP), which was introduced in response to the 2023 banking crisis. The BTFP was a critical instrument in providing liquidity to banks, allowing them to use a wider range of collateral for borrowing.

Hayes anticipates market turbulence leading to the Fed possibly reinstating the BTFP or introducing similar measures. In a recent statement, he noted, “If my forecast is correct, the market will bankrupt a few banks within that period, forcing the Fed into cutting rates and announcing the resumption of the BTFP.” This scenario, he argues, would create a liquidity injection that could buoy cryptocurrencies like Bitcoin​​.

In his latest post on X, Hayes drew parallels to the cryptocurrency’s performance during the March 2023 banking crisis. He predicts a similar trajectory, suggesting a brief dip followed by a significant rally:

Expect BTC to swoon a bit, but if NYCB and a few others dump into the weekend, expect a new bailout right quick. Then BTC off to the races just like March ’23 price action. […] I think it might be time to get back on the train fam. Maybe after a few US banks bite the dust this weekend.

During the March crisis, Bitcoin’s value jumped over 40%, a reaction attributed to its perceived role as a digital gold or a safe-haven asset amid financial instability​​. On a longer time horizon and with the Great Financial Crisis from 2008 in mind, he further argued, “What did the Fed and Treasury do last time US property prices plunged and bankrupted banks globally? Money Printer Go Brrrr. BTC = $1 million. Yachtzee.”

At press time, BTC traded at $42,232.

In a recent turn of events, Ripple faced a significant security breach resulting in the loss of $112 million worth of XRP. Despite this setback, the cryptocurrency community has witnessed remarkable resilience from XRP whales, who have chosen to maintain their coin holdings. This unwavering support, coupled with Ripple’s swift response, has instilled confidence in the platform’s long-term viability.

XRP Whales Display Unwavering Faith

On-chain data provided by Santiment reveals that XRPLedger experienced a surge in whale transactions following the hack. A total of 217 transactions involving $1 million or more in XRP were recorded, marking the highest activity since July 2022. This surge underscores the whales’ belief in XRP’s potential, despite the temporary market turbulence caused by the hack.

Furthermore, wallets holding at least 10 million XRP now collectively possess 67.2% of the available supply, a concentration not seen since December 2022. This consolidation of XRP among influential investors indicates their long-term commitment to the asset.

Ripple Leadership Assures Community

In the wake of the hack, Ripple co-founder Chris Larsen provided reassurances that the Ripple blockchain itself remained secure. The unauthorized access was limited to his personal XRP accounts, separate from Ripple’s operations. Larsen’s prompt action in notifying exchanges to freeze the affected addresses demonstrates Ripple’s dedication to protecting its users’ assets.

Moreover, Ripple is actively collaborating with law enforcement agencies, and a substantial portion of the stolen funds has already been frozen. The team is diligently pursuing the remaining funds to ensure a comprehensive resolution of the situation.

Binance’s Mysterious XRP Transfer

Amidst the Ripple hack incident, an unusual withdrawal of 20.62 million XRP tokens from Binance, the world’s largest cryptocurrency exchange, has raised eyebrows. While initial speculation pointed towards an external entity, further investigation revealed that the tokens were sent to an address associated with Binance’s hot wallet for storing XRP.

20,620,032 #XRP (10,572,279 USD) transferred from #Binance to unknown wallethttps://t.co/PoVVjUt5KO

— Whale Alert (@whale_alert) January 31, 2024

This development suggests that the $10 million transfer may be an internal operation within the exchange rather than a whale’s activity in the broader cryptocurrency market. Binance has yet to provide an official explanation for this movement, adding an element of intrigue to the situation.

A Tale Of Resilience

The Ripple hack incident has undoubtedly shaken the cryptocurrency community, but the unwavering support from XRP whales and Ripple’s proactive response have demonstrated the platform’s resilience. As the investigation into the hack continues and Binance sheds light on its mysterious XRP transfer, the Ripple ecosystem stands poised to emerge stronger from these challenges.

As the crypto community grapples with the intriguing dynamics surrounding the recent substantial XRP withdrawal from Binance, the broader question emerges: Is the current dip in XRP’s price merely a temporary setback or a prelude to a significant upward trajectory? Despite the recent setback and a price decline to $0.49, down 3.7% in the last 24 hours, the resilience of whale holdings amid the aftermath of the Ripple hack introduces a compelling narrative.

Featured image from Pixabay, chart from TradingView

Bitcoin price struggled to clear the $43,750 resistance. BTC is now declining and there could be more losses if there is a move below the $41,800 level.

Bitcoin price is slowly moving lower from the $43,750 resistance zone.
The price is trading below $42,800 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to decline if there is a close below the $41,800 level.

Bitcoin Price Starts Another Decline

Bitcoin price attempted more gains above the $42,500 resistance zone. BTC cleared the $43,500 resistance zone, but the bears were active near the $43,800 zone.

The bulls made more than two attempts to clear $43,800 but failed. A high was formed near $43,742 and the price started a fresh decline. There was a move below the $43,000 level. Besides, there was a break below a connecting bullish trend line with support near $42,500 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $42,800 and the 100 hourly Simple moving average. A low was formed near $41,888 and the price is now consolidating losses. Immediate resistance is near the $42,350 level. It is near the 23.6% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low.

The next key resistance could be $42,800 or the 50% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low, above which the price could start a decent increase. The next stop for the bulls may perhaps be $43,200.

Source: BTCUSD on TradingView.com

A clear move above the $43,200 resistance could send the price toward the $43,800 resistance. The next resistance is now forming near the $44,200 level. A close above the $45,000 level could push the price further higher. The next major resistance sits at $46,500.

More Losses In BTC?

If Bitcoin fails to rise above the $42,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $41,800 level.

The first major support is $41,200. The main support could be $40,950. If there is a close below $40,950, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,000 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $41,800, followed by $41,200.

Major Resistance Levels – $42,350, $42,800, and $43,800.