Upbit Bitcoin Touches 120 Million Won…Is This the Real Start of the Rally?

▲ Upbit: Bitcoin, Ethereum, XRP, Solana on the rise…trading volume also increases/AI generated image ©

Bitcoin surpassed 120 million won during intraday trading, maintaining its independent bullish trend despite the sharp decline in global stock markets.

According to Upbit data as of 12:53 PM KST on May 5th, Bitcoin (BTC) was trading at 119,936,000 won, touching the intraday high of 120 million won. At the same time, Ethereum (ETH) recorded 3,531,000 won, XRP (XRP) 2,084 won, Dogecoin (DOGE) 165 won, and Solana (SOL) 125,700 won, showing an overall upward trend for major coins.

The Upbit Composite Index rose by 0.93% to 12,031.36, with the Bitcoin group increasing by 1.10% and the Ethereum group by 1.29%, indicating that market-leading assets drove the rise. In terms of trading volume, buying interest concentrated around the 'big three' – Bitcoin, Ethereum, and XRP – suggesting a strengthening of market vitality.

Notably, some altcoins experienced a sharp concentration of supply and demand. Swell Network (SWELL) rose 100% weekly, BioProtocol (BIO) 90.71%, and NKN (NKN) 81.82%, among others, saw rapid surges, indicating a typical selective market. This is interpreted as a sign that short-term capital inflow, driven by individual news rather than overall market growth, has intensified.

This bullish trend contrasts with the traditional financial markets. While the New York stock market declined due to renewed US-Iran tensions, the cryptocurrency market maintained its upward momentum. The market attributes this to institutional buying centered around Bitcoin, along with expectations for the passage of US cryptocurrency market structure bills and the Clarity Act, which served as key factors supporting investor sentiment.

CoinGecko data also confirms a surge in Upbit's trading volume, indicating a rapid inflow of liquidity. This is significant because it represents a rise based on actual capital inflow, not just a simple price rebound.

In the short term, Bitcoin's ability to firmly establish itself above 120 million won will be a critical turning point. If this level transforms into a support line, further upward potential may open, but failure to do so could lead to a short-term correction. The market appears to have entered a phase where strong upward momentum coexists with overheating concerns.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*