Bitcoin (BTC) closed the day at ¥9,974,214, marking a decline of 1.85% over the past 24 hours. After holding just above the ¥10 million mark for several sessions, BTC has now dipped below this psychologically important level. This move suggests some short-term selling pressure as traders reassess price momentum. Key support for Bitcoin is now near ¥9.8 million, where buyers could step in to prevent further declines. On the upside, resistance remains around ¥10.1 million, which the price has struggled to break through in recent days. How Bitcoin behaves around these levels will be important to watch for signs of either a rebound or continued downward pressure.
Ethereum (ETH) and other major altcoins also experienced notable declines today. Ethereum fell by 6.17%, closing at ¥265,732, underperforming Bitcoin significantly. This sharper drop reflects growing caution among investors as ETH tests its support around ¥260,000. Binance Coin (BNB) followed suit with a 2.56% loss, ending near ¥93,781. Ripple’s XRP also dropped by 4.21%, trading at ¥179. Stablecoins like USDT and USDC remained steady near ¥160, as expected, since their value is designed to stay close to ¥160 (roughly 1 USD). The broad weakness across altcoins indicates a risk-off sentiment, where investors prefer to reduce exposure to more volatile assets.
The overall market sentiment appears cautious with a slight tilt toward bearishness. On-chain data, which refers to information recorded directly on the blockchain network, shows reduced activity in large Bitcoin transactions and fewer new addresses being created. This often signals that traders and investors are waiting for clearer price direction before committing more funds. Additionally, the volume of trades has decreased slightly, suggesting less enthusiasm in the market. Such conditions frequently precede periods of consolidation or further price corrections. Investors should keep an eye on these indicators as they help reveal underlying strength or weakness beyond just price movements.
Looking ahead to the US evening session, which often brings increased trading volume, key levels to watch include the support zone around ¥9.8 million for Bitcoin and the ¥260,000 level for Ethereum. A break below these could trigger further selling, while a rebound above resistance near ¥10.1 million for BTC and ¥275,000 for ETH might restore some confidence. Altcoins may continue to follow Bitcoin’s lead, so monitoring BTC’s price action will be crucial. Overall, today’s market shows a cautious mood with investors awaiting clearer signals before making big moves. Staying informed on both price levels and on-chain activity will help Japanese investors navigate what may be a volatile period ahead.