The Kimchi Premium, which refers to cryptocurrency prices being higher in Korea compared to overseas, has narrowed to around +0.004%.
As of 8:08 AM on August 10th, according to DataMaxiPlus, the Kimchi Premium (Upbit-Binance) is currently recording a level of 0.004%.
This is a reversal from the previous day's −1.29%. Major altcoins such as Ethereum, Solana, and Doge are showing minimal variations within ±0.2%, indicating that the price gap between domestic and international markets has essentially been resolved. While global markets continue to rebound, domestic buying sentiment remains stable.
Kimchi Premium Status by Coin
Bitcoin (BTC): $116,644 / 160,147,500 won / +0.004%
Ethereum (ETH): $5,858.89 / 5,854,000 won / −0.08%
Solana (SOL): $247.53 / 247,550 won / +0.003%
XRP: $4.43 / 4,433.5 won / +0.048%
Doge: $0.3299 / 329.5 won / −0.246%
The Kimchi Premium is a price disparity phenomenon where cryptocurrency prices are higher or lower on Korean exchanges compared to overseas. The current level shows that domestic investors are almost in sync with global trends. Slight expansion or reduction of the premium is interpreted as due to short-term buying inflows or overseas market volatility.
Bitcoin Technical Analysis
The Bollinger Bands upper limit is 1,209,400 won, lower limit is 1,134,925 won, and the center line is 1,172,163 won (20-day moving average).
Bitcoin is currently trading around 1,166,440 won, approaching the center line. This suggests that prices are in a short-term stabilization phase with the possibility of approaching the upper band. However, the upward momentum has been dampened compared to the previous day.
Technically, breaking through the upper band (1,209,400 won) could open up additional upward potential, but attention should be paid to the possibility of sell-offs at psychological resistance levels.
Conversely, if the upward trend slows and retreats, the support at the center line (1,172,163 won) will be crucial. If this level is breached, there is a possibility of adjustment down to the lower band at 1,134,925 won.
The RSI (Relative Strength Index) is currently at 51, which has dropped compared to the previous day but remains above the 50 line. This can be interpreted as a signal that it has moved out of the overbought zone, indicating remaining buying potential.
The breakthrough of the box range's upper limit and the support of the center line are expected to be turning points for the short-term trend.
[This article does not provide financial advice, and the investment results are the sole responsibility of the investor.]
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