 ▲ Upbit Market Conditions as of 7:37 PM on March 8 |
Bitcoin (BTC), the leading cryptocurrency, which had been weighed down by macroeconomic uncertainty and fell below the 100 million won mark, fueling intense fear in the market, dramatically reclaimed the 100 million won level on the back of strong dip-buying demand, reigniting hopes of a rebound.
As of 7:37 PM on the 8th, according to South Korean cryptocurrency exchange Upbit, Bitcoin was trading at 100,631,000 won, up 1.25% from the previous day, fully recovering its earlier losses. Just hours earlier, it had been hovering precariously below 100 million won, but strong buying pressure emerged in the afternoon, leading to a rapid recovery in investor sentiment.
Alongside Bitcoin’s dramatic rebound, major altcoins that had been stuck in a downtrend also turned positive across the board. XRP (Ripple), one of the top cryptocurrencies by market capitalization, rose 0.95% to 2,025 won, while Ethereum (ETH) gained 0.38% to trade at 2,923,000 won. Solana (SOL) also climbed 0.98% to 124,200 won, underscoring the broader market’s recovery.
This sudden rebound appears to reflect the market’s technical assessment that the recent decline, driven by macro headwinds such as stagflation concerns and outflows from spot exchange-traded funds (ETFs), had been excessive. As major cryptocurrencies entered oversold territory, sidelined capital and aggressive dip-buying flowed in to defend key support levels, swiftly reversing the previously frozen market sentiment.
However, experts caution that despite the symbolic recovery of the 100 million won level, it is too early to conclude that a full-fledged relief rally is underway. Depending on the outcome of key U.S. inflation data scheduled for release this week, renewed inflation fears sparked by surging oil prices could limit the rebound and trigger another wave of selling pressure.
Ultimately, for Bitcoin and altcoins such as XRP to sustain their current upward trajectory and achieve a trend reversal, they must navigate the intense macroeconomic uncertainty ahead. For now, investors are advised to closely monitor whether the 100 million won level firmly holds as support and prioritize strict risk management while watching upcoming global economic data, rather than engaging in hasty buying.
*Disclaimer: This article is provided for investment reference purposes only and we are not responsible for any investment losses based on it. The content should be interpreted solely for informational purposes.*