Main Points:
- Recent Price Movements: Bitcoin’s price has recently dropped to ¥12,221,448 (＄81,968), with a slight rebound to ¥12,620,943 (＄84,648).
- Technical Analysis: The 30-minute chart indicates a strong downtrend, with support levels around ¥14,000,000 (＄93,897) and ¥12,221,448 (＄81,968), and resistance levels near ¥17,800,000 (＄119,383) and ¥16,412,203 (＄110,075).
- Market Sentiment: On-chain indicators suggest that the recent sell-off may have reached a local bottom, with the cryptocurrency sentiment index hitting its lowest level since August 2024.
- Future Outlook: While short-term trends indicate continued downward pressure, the market may stabilize if the ¥12 million (＄80,483) support level holds.
Recent Price Movements
Bitcoin’s price has recently experienced significant volatility. On February 23, it opened at ¥16,138,121 (＄108,237), reached a high of ¥16,412,203 (＄110,075), and then sharply declined to ¥12,221,448 (＄81,968). As of the latest data, it has rebounded slightly to ¥12,620,943 (＄84,648). This rapid decline and partial recovery suggest high market volatility.
Technical Analysis
Analyzing the 30-minute chart, we observe a strong downtrend. Support levels are identified around ¥14,000,000 (＄93,897) and ¥12,221,448 (＄81,968), while resistance levels are near ¥17,800,000 (＄119,383)) and ¥16,412,203 (＄110,075). The current price is below the ¥14,000,000 (＄93,897) support level, indicating a bearish trend.
Market Sentiment
On-chain indicators suggest that the recent sell-off may have reached a local bottom. The cryptocurrency sentiment index has fallen to its lowest level since August 2024, a period when Bitcoin’s price also bottomed around $49,000. This suggests that the market may be oversold, and a potential rebound could occur.
Future Outlook
While short-term trends indicate continued downward pressure, the market may stabilize if the ¥12 million (＄80,483) support level holds. Investors should monitor these levels closely, as a failure to maintain support could lead to further declines. Conversely, a successful defense of the support level could pave the way for a potential rebound.
Bitcoin’s recent price movements reflect significant market volatility. While technical analysis indicates a bearish trend, on-chain indicators suggest that the market may have reached a local bottom. Investors should remain vigilant, closely monitoring support levels and market sentiment to navigate the current landscape.
