Bitcoin Price Action: Upbit Drops Below 100M Won Amid Global Liquidity Crunch

VADODARA, February 5, 2026 — Bitcoin has breached the critical 100 million won psychological support level on South Korea's Upbit exchange for the first time since November 6, 2024. According to CoinNess market monitoring, the asset is currently trading at 99,777,000 won on the exchange's KRW market, marking a 7.50% decline. This Bitcoin price action represents a significant technical breakdown in one of Asia's most influential liquidity pools, occurring against a backdrop of global market stress.

Investigation: The Upbit KRW Market Breakdown

Market structure suggests a deliberate liquidity grab below the 100 million won threshold. The last recorded price below this level was on November 6, 2024, establishing a 15-month support zone that has now been invalidated. According to CoinNess data, the 7.50% intraday drop created a substantial Fair Value Gap (FVG) between 100 million won and the current trading price. Consequently, this move has triggered stop-loss orders and margin calls across the Korean retail sector, exacerbating the sell pressure.

Market Context & Historical Precedent

Historically, Korean exchanges like Upbit have exhibited premium pricing relative to global benchmarks, often acting as a sentiment bellwether for Asian retail markets. The breach of this long-held support mirrors patterns observed during the 2018 bear market capitulation, where Kimchi premium collapses preceded broader liquidity crises. Underlying this trend is a global shift toward risk-off assets, as evidenced by rising U.S. Treasury yields and a strengthening dollar index. In contrast to the 2021 cycle, current on-chain data indicates weaker HODLer conviction among short-term holders.

Related Developments: This liquidity stress coincides with other institutional maneuvers, such as Gemini's operational retreat in key markets and Tether's strategic investment in Anchorage Digital, highlighting a bifurcation in market strategies.

Technical Architecture & Price Action

The breakdown on Upbit's KRW market invalidates a major Order Block that had formed between November 2024 and February 2026. Market structure suggests the next significant support cluster lies at the Fibonacci 0.618 retracement level of the 2024-2025 bull run, approximately at 85 million won. , the Relative Strength Index (RSI) on the daily chart has plunged into oversold territory below 30, indicating potential for a short-term relief rally. However, the 50-day and 200-day moving averages have now crossed bearishly, confirming a medium-term downtrend. Volume profile analysis shows elevated selling volume at the breakdown point, confirming institutional distribution.

By The Numbers

Why It Matters

This event matters because it tests the structural integrity of Bitcoin's global market architecture. The Korean won market represents a significant liquidity pool, and its breakdown can create arbitrage opportunities that pressure prices on other exchanges like Coinbase and Binance. On-chain data indicates a surge in exchange inflows from Korean addresses, suggesting local capitulation. Consequently, this could lead to a cascade of liquidations in leveraged derivatives markets, potentially triggering a broader gamma squeeze to the downside. Institutional players are monitoring this for signs of a liquidity crisis similar to the 2020 March crash.

Expert Commentary

The breach of 100 million won on Upbit is not an isolated event but a symptom of global macro tightening. Market structure suggests we are witnessing a coordinated liquidity withdrawal from risk assets, with crypto acting as the canary in the coal mine. The key will be whether this level can be reclaimed swiftly or if it establishes a new resistance zone.

— CoinMarketBuzz Intelligence Desk

Market Outlook & Price Scenarios

Market structure suggests two primary scenarios based on the Upbit breakdown. First, a relief rally could occur if the Fear & Greed Index reaches historic oversold levels, potentially pushing price back to test 100 million won as new resistance. Second, continued selling pressure could target the next major support at the 85 million won Fibonacci level, aligning with the 2024 cycle low.

• Bullish Invalidation Level: 105 million won. A daily close above this level would invalidate the bearish breakdown and suggest the move was a false liquidity grab, potentially reigniting the bull trend.
• Bearish Invalidation Level: 95 million won. A sustained break below this level would confirm the downtrend's acceleration, targeting lower supports and increasing the probability of a full bear market cycle.

The 12-month institutional outlook remains cautious. Historical cycles suggest that breaks of major psychological levels often lead to extended consolidation periods, typically 6-12 months. However, the long-term horizon remains positive if Bitcoin can maintain its network security and hash rate, as outlined in Bitcoin's original whitepaper regarding its deflationary monetary policy.