Bitcoin failed to sustain the rebound seen during the Lunar New Year holiday and was pushed back to around KRW 98,610,000. Despite a buoyant U.S. stock market, the crypto market remained weak, fueling investor anxiety. As of 10:00 a.m. on Feb. 19, Bitcoin on the domestic exchange Bithumb traded 0.94% lower than 24 hours earlier at KRW 98,610,000. During the holiday period, Bitcoin briefly recovered above the 100 million won mark, raising expectations for a rally, but failed to sustain it.
Even as the U.S. stock market ended higher on the holiday with tech-led gains, Bitcoin decoupled from the rally, giving back the 100 million won level and turning lower. Major altcoins also fell across the board, with Ethereum down 0.72%, XRP down 2.95%, and Solana down 1.14%. Ethereum, the second-largest by market cap, fell 0.72%, and Ripple declined 2.95%. Solana also dropped 1.14%, moving in a similar pattern to Bitcoin.
Global market conditions were not favorable. In dollar terms, Bitcoin was hovering around $66,000, with the psychological barrier at $70,000 proving tough to clear. Since the start of the month, it had attempted several price recoveries, but breaking above the $70,000 threshold remained difficult. CoinDesk described the current situation as Bitcoin at a critical test at these price levels. The outlet noted that if the $66,000 level breaks, the market could eye the earlier February low around $60,000 or lower.
Investor sentiment has hit a floor. The crypto fear-and-greed index fell to 8, signaling extreme fear. The index near zero suggests investors may rush to sell, while a reading near 100 would imply a greed-driven correction. Meanwhile, CryptoPrice shows Bitcoin’s kimchi premium at 2.17%, indicating domestic prices are higher than overseas levels.
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