Sudden braking immediately after rebound… Upbit coin market ‘taking a breather’

▲Upbit Coin / AI-generated image ©

Major coins on Upbit have retreated again after a rebound, indicating a clear short-term 'breather' phase.

As of April 15, 7:05 AM, according to Upbit, Bitcoin (BTC) was trading at ₩109,932,000, showing only a 0.11% increase. It had risen to ₩111,996,000 during the day before giving back most of its gains. Ethereum (ETH) fell by 1.37% to ₩3,445,000, and XRP (Ripple) retreated by 0.49% to ₩2,017. Solana (SOL) also declined by 2.74% to ₩124,100, with major altcoins generally showing a bearish trend.

The overall market sentiment is similar. The Upbit Altcoin Index fell by 1.41% to 3,051.89, and the Upbit 10 Index also dropped by 0.65%, indicating increased selling pressure, especially on large-cap coins. Conversely, some small and medium-sized coins saw sharp surges, leading to a differentiated market by asset type.

Interestingly, trading volume has actually increased. According to CoinGecko, Upbit's 24-hour trading volume increased by 44% to approximately ₩1.2953 trillion. Although prices are stagnant, the expanded trading volume is interpreted as a typical period of increased short-term volatility.

The backdrop to this correction is global market trends. New York stock markets closed strong, with the Dow Jones Industrial Average up 0.66%, the S&P 500 up 1.18%, and the Nasdaq up 1.96%. While expectations for further negotiations between the US and Iran fueled an increase in risk asset preference, in the cryptocurrency market, these already priced-in expectations led to profit-taking. Notably, oil prices plummeted by 7.9%, easing market anxieties, but the coin market, surprisingly, showed a trend of short-term overheating resolution.

Ultimately, the current market situation is closer to a 'correction amid positive news'. Expectations of geopolitical risk alleviation and the U.S. Producer Price Index (PPI) falling significantly below expectations are positive, but analysis suggests that a process of absorbing selling pressure is underway after a short-term sharp rise. Indeed, Bitcoin has shown a sideways trend after confirming strong resistance around ₩110,000,000.

The key going forward is whether the ₩109,000,000 to ₩110,000,000 range can be sustained. If this range holds, an upward test is possible again, but if it breaks, the short-term correction could extend to the ₩108,000,000 range. The market diagnosis is that "this is less a directional market and more a liquidity testing phase."

*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.*