Upbit Market Update: Bitcoin Battles to Hold 100 Million Won Mark… Altcoin 'Bull Trap' Warning

▲ Upbit morning session on February 22

Bitcoin is continuing its tightrope walk around the psychologically significant 100 million won level. As the leading cryptocurrency moves sideways without a clear direction, speculative funds are flowing into some altcoins, creating an abnormal short-term rotational trading pattern.

As of 8:10 a.m. on the 22nd, according to the domestic cryptocurrency exchange Upbit, Bitcoin (BTC) was trading at 99,991,000 won, down 0.07% from the previous day, hovering just below the 100 million won mark. During the day, Bitcoin rose to a high of 100,932,000 won but gave up its gains, reflecting a fierce battle between buyers and sellers. Ethereum (ETH) also slipped 0.07% to 2,897,000 won, showing a slight weakness, while XRP gained 0.24% to settle at 2,106 won, relatively outperforming.

In contrast to the heavy performance of major coins, some smaller-cap altcoins are posting explosive gains. Solar (SXP) surged 50.89% from the previous day to trade at 50.7 won, while Adventure Gold (AGLD) and Yield Guild Games (YGG) climbed 24.06% and 21.45%, respectively, recording double-digit increases. In the absence of clear macroeconomic catalysts, this appears to be a typical bear-market scenario where short-term profit-seeking funds concentrate on lighter, more volatile tokens.

The key question for the cryptocurrency market this week is whether Bitcoin can defend the 100 million won support level. For domestic investors, 100 million won has served as a strong psychological support line. Amid ongoing global trade disputes and macroeconomic pressures, successfully holding this level could attract bargain-buying and pave the way for a technical rebound. However, if the support collapses and disappointment-driven selling intensifies, investor sentiment could rapidly freeze, raising the risk of an extended downward trend.

Experts are also urging caution regarding the sustainability of the current altcoin rebound rally. The sharp gains concentrated in specific altcoins are likely a temporary liquidity-driven phenomenon rather than a structural uptrend based on improved fundamentals. Without a clear trend reversal in Bitcoin, the market leader, sharp rallies in small- and mid-cap altcoins could quickly turn into bull traps accompanied by heavy sell-offs, highlighting the need for heightened risk management.

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