Bitcoin’s 95 Million Won Support Level at Risk… Upbit on Edge, When Will a Rebound Ignite?

▲ Upbit Afternoon Market Update on February 28

Crypto Market Weighed Down by Macro Headwinds, Bitcoin Tightropes Around 95 Million KRW

According to Upbit, South Korea’s largest digital asset exchange, benchmark cryptocurrency Bitcoin is continuing a fragile sideways movement around the 95 million KRW level. Fears of reaccelerating inflation combined with growing global geopolitical tensions have dampened investor sentiment, pressuring the overall domestic crypto market.

As of the afternoon of the 28th, Bitcoin (BTC) was trading at 95,968,000 KRW, down 0.16% from the previous day, showing a heavy tone. Although it briefly climbed to an intraday high of 96,547,000 KRW, strong selling pressure erased its gains. Notably, a large bearish candle has formed on the monthly chart, clearly signaling that the long-standing upward trend has broken and the correction phase is deepening.

Amid Bitcoin’s weakness, other major altcoins by market capitalization also turned lower across the board. Ethereum (ETH) fell 0.28% to 2,812,000 KRW, while XRP slipped 0.20% to 1,978 KRW, struggling to reclaim the 2,000 KRW level. Solana (SOL) traded at 119,200 KRW (-0.33%), Dogecoin (DOGE) at 135 KRW (-1.46%), and Nomina (NOM) dropped 3.50% to 6.35 KRW, reflecting broad downward pressure across the market.

Meanwhile, sharp rallies were seen only in a handful of smaller tokens, with SIGN surging 34.73% and ATH rising 5.86%. This highlights an extreme concentration of liquidity in selected assets amid market uncertainty.

The overall weakness in the domestic crypto market reflects a confluence of macroeconomic challenges recently shaking global financial markets. The U.S. January Producer Price Index (PPI) significantly exceeded expectations, dampening hopes for imminent rate cuts, while escalating tensions in the Middle East intensified risk-off sentiment. As these macro headwinds persist, domestic investors are leaning more toward caution and profit-taking rather than aggressive buying.

Experts agree that in the short term, whether Bitcoin can defend the psychological support level of 95 million KRW will be a key determinant of the market’s direction. If selling pressure accelerates and this level breaks down, fear could spread rapidly, potentially triggering additional declines across altcoins. Until clear signals of trend reversal emerge—such as stabilizing global economic indicators or renewed institutional inflows—conservative risk management remains essential.

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