Bitcoin (BTC) is currently trading at ¥9,890,904, having dropped more than 3% in the past 24 hours. This decline marks a break below the psychologically important ¥10 million level, which often acts as a key support point where buyers step in to prevent further falls. The next major support for Bitcoin appears near ¥9.7 million, while resistance—the price level where selling pressure usually increases—is seen around ¥10.2 million. This recent move down suggests traders are cautious, waiting for clearer signals before pushing prices higher again.
Ethereum (ETH) and other major altcoins have also experienced losses, reflecting a broad market dip. ETH is down 3.31%, trading at ¥264,254. Binance Coin (BNB) has decreased by 2.21% to ¥95,256, and Ripple (XRP) saw the largest fall among the major coins, dropping nearly 4% to ¥182. Stablecoins such as USDT and USDC remain steady around ¥160, showing minimal price movement as expected since they are designed to maintain a stable value. The overall trend among altcoins mirrors Bitcoin’s weakness, indicating that the market is currently under pressure across the board rather than isolated to a single asset.
Market sentiment appears cautious to slightly negative as investors digest recent news and wait for clearer economic signals. On-chain data—which refers to information recorded directly on the cryptocurrency networks, such as transaction volumes and wallet activity—suggests reduced buying activity over the last day. This decrease in on-chain activity often signals that investors are hesitant to enter new positions, possibly due to concerns about upcoming regulatory announcements or macroeconomic factors like inflation and interest rates. Such caution in trading volumes can lead to increased volatility if sudden news triggers a sharp reaction.
Looking at overnight price action, Asian markets saw Bitcoin and altcoins continue their downward trend, with no strong rebound so far. Traders in the Asia session should watch closely for how Bitcoin behaves around the ¥9.7 million support level, as a break below this could lead to further declines. Conversely, a bounce back above ¥10 million might signal renewed buying interest. Additionally, monitoring Ethereum and XRP price movements will be important since they often lead altcoin market trends. Keeping an eye on global economic news and regulatory updates will also be key, as these factors heavily influence market sentiment during this uncertain period.