Bitcoin and Ethereum prices are displayed on an electronic board at the customer center of Upbit in Gangnam District, Seoul. Yang, a 39-year-old office worker living in Mapo District, Seoul, sold part of his bitcoin holdings last summer when prices surged, locking in profits. But as prices recently corrected, he began buying again in installments.
“Whenever there’s news about interest rates or regulations, the market gets shaky, but I believe the long-term trend is upward. Whenever prices drop sharply, it actually feels like a buying opportunity,” she said. In contrast, another investor, Park, a 45-year-old office worker living in Guri, Gyeonggi Province, could not withstand a recent downturn and sold half of his holdings at a loss. “The market has become much more complicated than before, and the upward momentum seems weak. For the time being, I plan to increase my cash position and stay on the sidelines,” he said.
The bitcoin market, which surged past the $120,000 mark in October last year, has cooled sharply, leaving investors weighing whether to step in at lower prices or cut their losses. On Korean crypto exchanges, bitcoin briefly climbed back above 100 million won ($69,000) during the Lunar New Year holiday period. However, it soon slipped below that threshold again and dropped even lower, even as U.S. equities finished higher on strong gains in technology stocks. As of 3 p.m. Thursday, bitcoin was trading at 98.9 million won on the country’s largest cryptocurrency exchange, Upbit.
In dollar terms, the cryptocurrency has been hovering around $66,000. Despite several rebound attempts since the start of the month, a move back above $70,000 has remained a challenge. “Bitcoin faces a key test at current levels,” crypto news and analysis platform CoinDesk said. “The $66,000 area held as support last week and helped fuel a bounce above $70,000. If that floor gives way decisively, traders will likely start eyeing the early February lows at $60,000 or a fresh leg lower.”
Hong Jin-hyun, an analyst at Samsung Securities, also noted that bitcoin currently lacks a clear driver for a rebound, pointing out that shrinking liquidity in both spot and derivatives markets is likely to cap any near-term recovery. However, Hong added, “The expanding integration of crypto with the regulated financial system, particularly in areas such as prediction markets, payments and settlement, along with gradually improving real-world adoption, suggests the market is steadily accumulating longer-term growth momentum.” The Crypto Fear & Greed Index, which tracks investor sentiment on a 0-100 scale, fell to 8 on Thursday, signaling that market sentiment remains firmly in “extreme fear” territory.
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