 ▲ Source: Upbit on February 16 |
Bitcoin has failed to hold above the 100 million won level, pushing the domestic virtual asset market back into a weak trend.
As of 11:18 a.m. KST on February 16, Bitcoin (BTC) was trading at 116,654,000 won on Upbit, down 0.44% from the previous day. The intraday high reached 126,010,000 won, while the low touched 115,640,000 won. After a recent sharp rebound, selling pressure intensified and Bitcoin failed to break through its upper resistance. Trading volume over the past 24 hours exceeded 223.4 billion won.
Altcoins also moved lower. XRP traded at 2,190 won, remaining flat, while Ethereum (ETH) fell 0.38% to 2,911,000 won. Dogecoin (DOGE) showed weakness at 153 won, and Solana (SOL) hovered around 127,900 won without gaining momentum. Profit-taking following the previous day’s short-term surge appears to be concentrated in major coins.
In particular, as Bitcoin pulled back near its recent short-term high, the upward momentum of major altcoins quickly weakened. The perception that the recent rebound was merely technical has spread, dampening follow-up buying interest. Slowing risk appetite in global markets also weighed on sentiment.
However, some small- and mid-cap altcoins showed differentiated movements. Waves (WAVES) rose 6.54% to 864 won, displaying strong intraday performance, while tokens such as OG and NOM maintained upward momentum. Despite the broader market weakness, short-term rotations driven by themes and specific catalysts continue.
The key variable ahead is Bitcoin’s direction. Whether it can maintain support around the 115 million won level is expected to determine the short-term trend. Failure to hold this range could lead to expanded corrective pressure. Conversely, if a rebound accompanied by strong trading volume occurs, rotational buying into altcoins may resume. With short-term volatility increasing, a cautious approach is advised.
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.