The Kimchi Premium, which refers to cryptocurrency prices being higher in Korea compared to overseas, has significantly narrowed to around 0.03%.
As of 8:06 AM on June 10th, according to DataMaxiPlus, the Kimchi Premium (Upbit-Binance) recorded 0.03%.
This is a significant reduction from the previous day's +1.83%. The premiums for major altcoins such as Ethereum, SOL, and Doge have all declined, with the price gap between domestic and international markets almost disappearing. While global markets are rebounding, domestic buying sentiment remains relatively stable.
Kimchi Premium Status by Coin
BTC: $110,039.67 / 150,312,500 won / +0.03%
ETH: $2,553.63 / 3,634,500 won / -0.04%
SOL: $174.55 / 218,625 won / -0.04%
XRP: $2.30 / 3,163 won / +0.03%
Doge: $0.22 / 265.35 won / -0.03%
The Kimchi Premium is a price disparity phenomenon where cryptocurrency prices are higher or lower in Korean exchanges compared to overseas. The current level suggests that domestic investors are moving more closely in line with global trends. The reduction in premium implies that investor sentiment has somewhat calmed down.
Bitcoin Technical Analysis
The Bollinger Bands upper limit is $110,779, lower limit is $101,100, and the center line is $105,939 (20-day moving average).
Currently, Bitcoin is trading around $110,039, above the center line. This suggests that short-term buying sentiment is still maintained, with the possibility of approaching the upper band. However, the rate of increase has slowed compared to the previous day.
Technically, the possibility of breaking through the upper band ($110,779) remains valid, and a strong upward trend could provide additional momentum. However, profit-taking around the psychological resistance level of $110,000 should also be considered.
Conversely, if the upward movement slows and a pullback occurs, the support at the center line ($105,939) could be the benchmark for maintaining the short-term trend. If the center line breaks, a potential correction to the lower band ($101,100) should be kept in mind.
The RSI (Relative Strength Index) is at 56.24, rebounding from 52.41 the previous day, showing a recovery. The rising trend from below the overbought level (70) is interpreted as a signal of technical upward potential recovery.
With the RSI recovering to the mid-to-late 50s and maintaining a price above the center line, a strong upward trend could be triggered if the short-term box range's upper limit is broken. The price stabilization in this range is expected to be a crucial turning point for the medium-term trend.
[This article does not provide financial advice, and the investment results are the sole responsibility of the investor.]
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