Bitcoin (BTC) is currently trading at ¥9,821,595, marking a 2.40% decline over the past 24 hours. After attempting to hold the ¥10 million mark earlier in the day, BTC faced selling pressure that pushed it below this psychologically important level. Key support now lies near ¥9.7 million, where buyers previously stepped in to prevent further losses. On the upside, resistance is observed around ¥10 million, a level that remains a hurdle for Bitcoin to regain momentum. This recent pullback suggests that investors are cautious, waiting for clearer signals before committing to new positions.
Ethereum (ETH) and other major altcoins have experienced similar downward pressure. ETH is down 3.09%, currently priced at ¥259,928, struggling to maintain gains above ¥260,000. Binance Coin (BNB) follows with a 2.68% drop, now at ¥93,811, while XRP has seen the steepest fall among the majors, declining 5.12% to ¥178. Stablecoins like USDT and USDC remain stable around ¥160, reflecting their role as safe havens during volatile periods. Overall, the altcoin market is underperforming compared to Bitcoin, indicating a cautious mood among traders.
Market sentiment appears to be leaning toward risk aversion today. The combined price drops across both Bitcoin and altcoins suggest that investors are retreating to cash or stablecoins amid uncertainty. On-chain data, which refers to information recorded directly on the blockchain such as transaction volumes and wallet activity, shows a slight decrease in trading activity. This implies that fewer participants are actively buying or selling, which often precedes larger price moves. Additionally, the lack of strong inflows into Bitcoin wallets supports the view that buyers are hesitant at these levels.
Looking ahead to the US evening session, traders should watch the ¥9.7 million support for Bitcoin closely. A break below this could open the door to further declines toward ¥9.5 million or lower. Conversely, regaining and holding above ¥10 million would be a positive sign that buyers are returning. For Ethereum and other altcoins, maintaining current levels is critical; further drops could lead to testing lower support zones around ¥255,000 for ETH and ¥90,000 for BNB. Given the subdued trading volumes and cautious sentiment, investors are advised to stay alert to any sudden shifts in momentum during the US market hours, which often set the tone for the following day in Asia.