Bitcoin (BTC) is currently trading at ¥10,720,897, showing a significant decline of 5.41% over the past 24 hours. After struggling to maintain the ¥11 million mark, the largest cryptocurrency has dropped below this psychological support level. Support levels are price points where buying interest is expected to be strong enough to prevent further decline, while resistance levels are prices that may limit upward movement. In Bitcoin’s case, ¥11 million served as a key support area, and now this level may act as resistance if prices try to rebound. The next important support level to watch is around ¥10 million, which could provide a floor if selling pressure continues.
Ethereum (ETH), the second largest cryptocurrency, has also experienced a pullback, trading at ¥304,782 with a 2.86% decrease in the last 24 hours. Other major altcoins like Binance Coin (BNB) and XRP have similarly declined, with BNB down 2.65% at ¥105,348 and XRP falling 4.89% to ¥195. Stablecoins such as USDT and USDC have remained steady, maintaining their pegs around ¥160, with minor positive changes. This broad-based decline suggests that the market is experiencing general weakness rather than isolated drops in specific coins.
Market sentiment appears cautious to slightly negative as investors digest recent price drops. On-chain data, which refers to information collected directly from the blockchain such as transaction volumes and wallet activity, suggests a decrease in buying momentum over the past day. Lower on-chain activity can indicate that traders are hesitant or waiting for clearer signals before committing funds. Additionally, global macroeconomic concerns and regulatory news continue to influence crypto markets, contributing to uncertainty. This environment often leads to lower trading volumes and increased volatility.
Overnight price action saw Bitcoin and altcoins decline sharply during European and U.S. trading hours, reflecting risk-off sentiment among investors. For traders in the Asian session, it is important to closely monitor whether Bitcoin can hold the ¥10 million support level or if it will test lower prices. Any recovery attempts will likely face resistance near the ¥11 million mark. Watching volume trends and price behavior around these levels will provide clues about the market’s next direction. Additionally, developments in traditional markets and news from key crypto projects may influence price movements during the day.