Bitcoin (BTC) closed the day at approximately ¥10,062,934, marking a notable decline of 6.17% over the past 24 hours. This drop breaks below the psychologically important ¥10.2 million level, which had acted as a short-term support in recent sessions. The next significant support level to watch is around ¥9.8 million, where buyers previously stepped in to stabilize prices. On the upside, resistance remains strong near ¥10.5 million, a level that Bitcoin has struggled to surpass in recent weeks. The current decline suggests cautious trading as investors digest recent economic data and await clearer signals.
Ethereum (ETH) and other major altcoins have mirrored Bitcoin's downward movement, with Ethereum falling 6.57% to ¥280,684. This decline pushes ETH closer to its support level near ¥275,000, which could be critical for preventing further drops. Binance Coin (BNB) and XRP also experienced sharp declines, falling 7.32% and 7.01%, respectively, closing at ¥95,109 and ¥184. Stablecoins such as USDT and USDC remain stable with minimal changes, reinforcing their role as safe havens during times of volatility. The general weakness across altcoins suggests that traders are reducing exposure amid broader market concerns.
Market sentiment currently leans toward caution and uncertainty. On-chain data, which tracks transactions and activity on blockchain networks, indicates a decrease in trading volumes and fewer large transfers among major wallets. This reduction in activity often signifies hesitation among large holders and traders. Combined with recent global economic pressures, including inflation concerns and central bank policies, investors seem to be waiting for clearer direction before committing to new positions. The overall mood is one of risk aversion, which tends to weigh on prices.
Looking ahead to the US evening session, traders should closely monitor Bitcoin’s behavior around the ¥9.8 million support and ¥10.5 million resistance levels. A break below support could open the door to further declines, while a rebound above resistance might signal renewed buying interest. For Ethereum and other altcoins, maintaining current support levels will be key to avoiding deeper losses. Given the current cautious market environment, investors are advised to keep an eye on macroeconomic updates and on-chain indicators that could provide early clues about the next major move. Staying informed and prepared for volatility remains essential as the trading day concludes.