Bitcoin (BTC) has continued its upward momentum, currently trading at ¥10,155,176, marking a 2.75% increase over the past 24 hours. This rise follows a period of consolidation just below the ¥10 million mark, a significant psychological level for investors. Key support for Bitcoin remains near ¥9.9 million, where buyers have previously stepped in to prevent further declines. On the upside, resistance is found around ¥10.3 million, a level where selling pressure could increase and potentially slow gains. Investors will be watching to see if Bitcoin can break and hold above this resistance, which would signal further bullish momentum in the near term.
Ethereum (ETH) and other major altcoins have shown impressive performance overnight, reinforcing the overall positive market mood. Ethereum rose by 3.17%, currently priced at ¥268,477, benefiting from strong demand and upcoming network upgrades that many believe will improve its scalability and reduce transaction costs. Binance Coin (BNB) also climbed 2.71% to ¥96,537, supported by continued growth in Binance’s ecosystem. Ripple’s XRP showed the strongest gain among the top altcoins, up 3.72% to ¥182, reflecting renewed optimism around its ongoing legal case developments. Stablecoins USDT and USDC remained steady near ¥160, with minor declines under 0.4%, indicating traders are still holding these as safe assets amid market movements.
The overall market sentiment has improved, with buyers regaining confidence after recent volatility. On-chain data, which refers to information recorded directly on the blockchain such as transaction volumes and wallet activity, suggests increasing accumulation by long-term holders. This buying behavior typically signals that investors expect prices to rise in the future. Additionally, trading volumes have picked up, confirming that the recent price increases are supported by real market participation rather than thin trading. Such trends help to reduce the risk of sudden sell-offs and provide a more stable foundation for further gains.
Overnight price action saw most cryptocurrencies strengthen, with Bitcoin and Ethereum leading the charge as European and US markets opened. For traders in the Asian session, it will be important to watch how Bitcoin behaves around the ¥10.3 million resistance level, as breaking this could open the door to further gains. Similarly, monitoring Ethereum’s price near ¥270,000 will help gauge if the altcoin rally can continue. Additionally, keep an eye on XRP’s response to any news related to its legal matters, as these updates tend to cause sharp price moves. Overall, maintaining awareness of volume changes and price reactions during Asian trading hours will be key for making informed decisions today.