Bitcoin Falls Below 100 Million Won… Will Tonight’s CPI Decide Its Fate?

▲ Bitcoin (BTC), U.S. dollar (USD)/ChatGPT-generated image ©

Bitcoin has fallen back below the 100 million won mark, rapidly cooling investor sentiment.

As of 8:49 p.m. on February 13, Bitcoin (BTC) was trading at 98,420,000 won on Upbit. Although it rebounded to as high as 98,500,000 won during the session, it failed to reclaim the 100 million won level and continues to fluctuate. The 24-hour trading volume stood at 228,075,905,711 won. With the psychologically significant 100 million won level turning into resistance, short-term buying interest appears to have weakened.

Major altcoins are also struggling to find clear direction. Ethereum (ETH) rose just 0.59% to 2,876,000 won, while XRP gained 0.25% to 2,006 won, posting only a limited rebound. Tether (USDT) edged up 0.07% to 1,469 won, reflecting a wait-and-see stance centered on stablecoins. Meanwhile, some mid- and small-cap tokens are experiencing sharp volatility, showing signs of coin-specific trading patterns.

Market participants cite caution over external variables as a key reason Bitcoin has failed to break back above 100 million won. In particular, traders are limiting aggressive positioning ahead of the release of the U.S. January Consumer Price Index (CPI) data scheduled for tonight (Korea time). Market tension is heightened as this will be the first inflation report released since former Federal Reserve Governor Kevin Warsh was nominated as the next Fed Chair.

If U.S. inflation comes in higher than expected, expectations for interest rate cuts could recede, weighing on risk assets overall. Conversely, signs of easing inflation could serve as a short-term rebound catalyst. Currently, Bitcoin appears to be in a phase of direction-finding, with buying and selling battles continuing in the low 97 million won range.

Experts say that whether Bitcoin can reclaim the 100 million won level will be a key turning point for determining the trend in the short term. Given the strong likelihood of increased volatility depending on the CPI results, they advise a cautious approach, suggesting investors wait to assess market reactions following the data release.

Disclaimer: This article is for investment reference purposes only, and we are not responsible for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.