Bitcoin closed the day trading at approximately ¥11,687,508, marking a decline of 2.98% over the past 24 hours. This downward movement reflects a retreat from recent consolidation levels above ¥11.8 million, with key support now observed near the ¥11.5 million mark. On the upside, resistance remains firmly positioned around the ¥11.9 million to ¥12 million zone, where sellers have consistently emerged. The current price action suggests that Bitcoin is testing critical support levels, and a sustained break below ¥11.5 million could accelerate further downside momentum.
Ethereum and other major altcoins mirrored Bitcoin's bearish trajectory, with ETH falling 4.45% to ¥316,346. Binance Coin (BNB) declined by 3.46% to ¥100,584, while XRP also eased by 2.89% to ¥205. Stablecoins USDT and USDC remained relatively stable, fluctuating marginally around ¥159, indicating steady demand for low-volatility assets amid the market sell-off. The broader altcoin market faces increasing pressure as investors reduce risk exposure, and the underperformance of Ethereum underscores cautious sentiment towards smart contract platforms at this juncture.
Market sentiment has shifted towards cautiousness as recent on-chain data highlights diminished transaction volumes and a rise in Bitcoin exchange inflows, often interpreted as increased selling intent. Furthermore, volatility has edged higher, reflecting uncertainty among investors about near-term catalysts. Despite these headwinds, network fundamentals remain intact, with steady hash rates and no significant changes in miner behavior. The current environment suggests a defensive stance among investors, balancing between profit-taking and awaiting clearer directional signals.
Looking ahead to the US evening session, market participants will closely monitor Bitcoin's ability to maintain support near ¥11.5 million. A failure to hold this level could open the path towards ¥11 million or lower, while reclaiming resistance above ¥11.9 million would be necessary to restore bullish momentum. Ethereum's support at around ¥310,000 will also be critical to watch, as a breakdown could lead to further losses across the altcoin segment. Investors should remain vigilant for potential macroeconomic developments and regulatory updates that may influence sentiment during the US trading hours, impacting price trajectories into the next day.