Bitcoin (BTC) closed the day at approximately ¥9,839,276, experiencing a modest decline of 1.41% in the past 24 hours. After briefly testing levels above ¥10 million earlier this week, Bitcoin has retraced to just under ¥9.85 million. This price action suggests the cryptocurrency is consolidating near a key support area around ¥9.7 million, which has previously acted as a floor preventing further declines. On the upside, resistance appears strong near ¥10 million, where sellers have stepped in to limit upward momentum. For investors, maintaining the ¥9.7 million support level will be important to avoid deeper corrections, while a sustained break above ¥10 million could signal renewed strength.
Ethereum (ETH) and other major altcoins showed more pronounced weakness compared to Bitcoin. ETH dropped 4.46% to ¥254,047, indicating some short-term selling pressure. Binance Coin (BNB) also declined slightly by 0.51% to ¥93,328, while XRP fell 1.27% to ¥177. Stablecoins like USDT and USDC remained steady around ¥160, reflecting their purpose as price-stable digital currencies. The broader altcoin weakness suggests traders may be shifting cautious amid uncertain market signals, favoring Bitcoin’s relative stability. However, Ethereum’s drop below the ¥260,000 mark highlights a need for careful observation, as this level often serves as a psychological and technical support point.
Market sentiment currently leans toward cautious or neutral, with neither strong buying nor selling dominance. On-chain data, which refers to information directly from the blockchain such as transaction volumes and wallet activity, indicates that while Bitcoin’s network remains active, large holders or “whales” are not making aggressive moves. This suggests a wait-and-see approach among key investors, possibly reflecting uncertainty about upcoming economic events or regulatory news. The stable performance of major stablecoins also points to traders holding positions in cash-like assets, ready to react to clearer market direction.
Looking ahead to the US evening session, traders should watch Bitcoin’s support at ¥9.7 million and resistance near ¥10 million closely. A break below support could invite further selling pressure, while a move above resistance might renew bullish momentum. For Ethereum, maintaining the ¥250,000 to ¥260,000 range will be critical to avoid deeper losses. Overall, the market remains in a phase of consolidation after recent volatility, and investors should prepare for potential swings as global news and economic data unfold. Staying informed and managing risk will be key for Japanese crypto investors navigating these uncertain conditions.