The Kimchi Premium, which refers to cryptocurrency prices being higher in Korea compared to overseas markets, has slightly turned negative.
As of 8:08 AM on August 8th, according to DataMaxiPlus, the Kimchi Premium (Upbit-Binance) recorded -0.0018%.
This is a negative turn from the previous day's 0.4389%. Major altcoins such as Ethereum, SOL, Doge, and XRP are all maintaining negative or minimal premiums, essentially eliminating the price gap between domestic and international markets. While global markets are rebounding, domestic buying sentiment appears to be cautious.
Kimchi Premium Status by Coin
BTC: $117,447.28 / 161,853,000 won / -0.0018%
ETH: $5,372.50 / 53,625,000 won / -0.1821%
SOL: $240.59 / 240,450 won / -0.0674%
XRP: $4.53 / 4,530.5 won / -0.0219%
Doge: $305.80 / 305.5 won / -0.2502%
The Kimchi Premium is a price disparity phenomenon where cryptocurrency prices are higher or lower in Korean exchanges compared to overseas markets. The current level shows that domestic investors are maintaining cautious buying sentiment aligned with global trends. Recent premium changes are interpreted as seeking stability after price adjustments rather than driven by expectations.
Bitcoin Technical Analysis
According to Bollinger Bands, the upper band is at 1,213,238 won, lower band at 1,127,022 won, and the center line at 1,171,301 won (20-day moving average).
Currently, Bitcoin is trading around 1,174,472 won, above the center line. This indicates sustained short-term buying pressure and suggests potential for approaching the upper band. However, the rise is limited compared to the previous day.
Technically, breaking the upper band (1,213,238 won) could create strong price elasticity, but caution is needed as profit-taking orders might also flow in at this level.
Conversely, if the upward momentum slows and a pullback occurs, the support at the center line (1,171,301 won) will be a critical point for the short-term trend. If the center line is breached, a correction to the lower band (1,127,022 won) cannot be ruled out.
The RSI (Relative Strength Index) is at 61.52, rebounding from the late 50s of the previous day. While still low compared to last week's peak, it suggests support is flowing in after exiting the overbought zone.
The RSI recovery above 60 can be interpreted as a signal of short-term momentum recovery, with the stability above the center line expected to be the technical key to trend reversal.
[This article does not provide financial advice, and the investment results are the sole responsibility of the investor.]
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