 ▲ March 4 Upbit Afternoon Market Update |
Bitcoin (BTC) stages a dramatic rebound, showcasing strong resilience amid geopolitical tensions and breaking past the 103 million KRW level. As Bitcoin swiftly recovers its losses, definitive newly listed on Upbit, Definitive (EDGE), surges by triple digits, drawing powerful buying pressure across the market.
Bitcoin Reclaims 103 Million KRW, Achieves ‘V-Shaped’ Rebound
As of 6:03 p.m. on March 4, Bitcoin is trading at 103,244,000 KRW on Upbit, South Korea’s largest cryptocurrency exchange, marking a 2.96% increase from the previous day. Earlier in the day, Bitcoin had been testing support around the 100 million KRW level, but expanded its gains in the afternoon, recording an intraday high of 103,948,000 KRW and drawing a clear upward trajectory. In the global market, Bitcoin stands at $68,417.48, fully erasing the previous day’s sharp decline.
Altcoins Rally in Tandem and Newly Listed EDGE Soars
Amid Bitcoin’s strong performance, major altcoins are also posting gains. Ethereum (ETH) rises 3.06% from the previous day to 3,002,000 KRW, reclaiming the psychologically important 3 million KRW level. XRP (Ripple) climbs 2.25% to 2,043 KRW, successfully stabilizing in the 2,000 KRW range. Solana (SOL) increases 2.19% to 130,400 KRW, maintaining a solid upward trend. The standout performer of the day is Definitive, newly listed on Upbit, which skyrockets 161.07% immediately after listing to 342 KRW, absorbing significant investor capital.
Key Drivers Behind the Bullish Turn
The sharp rebound appears driven by the inflow of smart money seizing opportunity amid geopolitical risks. Despite the New York stock market closing lower due to fears of a potential blockade of the Strait of Hormuz, the crypto market had already priced in these concerns and instead used them as a springboard for recovery. Additionally, as the Crypto Fear & Greed Index fell to 20 (extreme fear) according to CoinMarketCap, perceptions of a historic bottom spread, triggering a powerful intraday short squeeze. Individual bullish catalysts, such as Upbit’s listing of EDGE, further revitalized market sentiment and reignited investor appetite.
Market Outlook and Investment Strategy
In the short term, the key question is whether Bitcoin can sustain its momentum and stably break above the prior high near 105 million KRW. The overall crypto RSI currently stands at 47.96, remaining in neutral territory between overbought and oversold levels, suggesting sufficient upside potential. Although concerns persist that war-related issues could prolong uncertainty, experts assess that Bitcoin’s recovery above 103 million KRW demonstrates its independent value as an asset. Therefore, while remaining cautious about the volatility of newly listed tokens, maintaining a staggered buying strategy focused on major coins is recommended.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on this content. The information provided should be interpreted solely for informational purposes.*