Bitcoin (BTC) closed the day at ¥11,674,509, marking a 3.40% decline over the past 24 hours. After attempting to hold the ¥11.7 million support zone earlier in the day, BTC succumbed to selling pressure and dipped below this key technical level. The immediate support now resides around ¥11.5 million, with resistance positioned near ¥11.9 million. The failure to maintain levels above ¥11.7 million suggests cautious sentiment among investors, as the market tests whether this range can hold ahead of the US trading session.
Ethereum (ETH) experienced a more pronounced decline, falling 4.85% to close at ¥315,994. This underperformance relative to Bitcoin indicates pressure on the broader altcoin market. Binance Coin (BNB) and XRP also posted notable losses, down 3.77% and 3.50% respectively, with BNB at ¥100,463 and XRP at ¥205. Stablecoins USDT and USDC remained largely stable, reflecting steady demand for low-volatility assets amid the broader market pullback. Overall, the altcoin sector is mirroring Bitcoin's weakness, with no significant relief rallies emerging during the Asian trading hours.
Market sentiment appears cautious to bearish as investors digest recent macroeconomic developments and await key US economic data. On-chain metrics reveal a modest uptick in Bitcoin exchange inflows, suggesting some holders are moving coins to exchanges potentially to sell. Additionally, the declining volumes and rising volatility underscore uncertainty, reflecting a market in consolidation after recent gains. Traders will be closely watching whether Bitcoin can stabilize above ¥11.5 million to avoid further downside, while altcoins remain vulnerable to Bitcoin's lead.
In summary, the crypto market closed the Asian session under pressure, with Bitcoin slipping below critical support at ¥11.7 million and major altcoins following suit. For the upcoming US evening session, key levels to monitor include Bitcoin's support at ¥11.5 million and resistance near ¥11.9 million, while Ether's critical support lies around ¥310,000. A sustained break below these levels could trigger further downside, whereas a rebound could set the stage for a short-term recovery. Investors are advised to watch market reactions to US economic releases, which may provide fresh catalysts for directional moves heading into the next trading day.