Bitcoin (BTC) closed the day at approximately ¥10,745,322, marking a 2.98% decline over the past 24 hours. After testing the ¥11 million mark earlier in the day, BTC struggled to maintain upward momentum and slipped below this key psychological level by evening. The ¥11 million area remains an important resistance point, meaning it is a price level where selling pressure tends to increase, making it harder for Bitcoin to rise above. On the downside, a key support level around ¥10.5 million has so far prevented a more significant drop, providing a potential floor where buyers may step back in.
Ethereum (ETH) and other major altcoins also experienced notable declines. Ethereum fell 4.56% to ¥301,008, underperforming Bitcoin and signaling some broader weakness in the market’s second-largest cryptocurrency. Binance Coin (BNB) dropped 5.17% to ¥102,649, while XRP declined 1.45% to ¥198. Stablecoins such as USDT and USDC remained steady around ¥160, reflecting their purpose to maintain a stable value. The simultaneous decline across most altcoins suggests a general risk-off mood among investors, possibly driven by external factors or profit-taking after recent rallies.
The overall market sentiment appears cautious to bearish as traders digest recent price moves. On-chain data, which refers to information recorded directly on the blockchain such as transaction volumes and wallet activity, shows a modest decrease in active addresses and transaction counts. This can imply reduced enthusiasm or participation at current price levels. Additionally, the declining prices near resistance levels indicate sellers are active, and buyers are hesitant to push prices higher without stronger positive catalysts. Monitoring these on-chain metrics alongside price movements helps better understand the underlying strength or weakness in the market.
Looking ahead to the US evening session, investors should watch carefully how Bitcoin behaves around the ¥10.5 million support and the ¥11 million resistance. A sustained break below ¥10.5 million could open the door to further declines, while a clear move above ¥11 million may signal renewed buying interest and a potential short-term recovery. With Ethereum and other altcoins lagging behind, their ability to bounce from current lows will also be important to watch. Overall, the market seems to be in a phase of consolidation after recent volatility, and key price levels will guide the next direction as investors await fresh developments or news events.