In the domestic market, cryptocurrency prices are somewhat lower compared to overseas, with the Kimchi Premium returning to around -0.1%.
As of 8:08 AM on August 11th, according to DataMaxiPlus, the Kimchi Premium (Upbit-Binance) recorded -0.12%.
This is a somewhat eased figure from the previous day's -1.15%. Major altcoins such as Ethereum, SOL, and Doge are forming premiums between -0.03% and -0.35%, showing an even further reduction in price differences between domestic and international markets. While global prices are rebounding, domestic buying sentiment is gradually flowing back in.
Kimchi Premium Status by Coin
BTC: $119,127.54 / 163,405,000 won / -0.12%
ETH: $5,830.04 / 5,832,000 won / -0.03%
SOL: $251,166.30 / 2,509,500 won / -0.15%
XRP: $4,368.38 / 4,370.5 won / -0.01%
Doge: $320.98 / 320.5 won / -0.35%
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 moving somewhat in sync with global trends. The reduction in premium can be interpreted as a signal of stable price convergence based on short-term investment sentiment recovery.
Bitcoin Technical Analysis
According to the Bollinger Bands, the upper band is at $121,053, the lower band is at $113,473, and the center line is at $117,263 (20-day moving average).
Currently, Bitcoin is trading around $119,127, above the center line. This suggests that short-term buying sentiment is maintained and indicates the possibility of approaching the upper band. However, the rate of increase is somewhat gentler compared to the previous day.
Technically, the possibility of breaking through the upper band ($121,053) is valid, and if a strong upward trend continues, additional momentum can be expected. However, it is necessary to note the possibility of profit-taking around the psychological resistance line of $121,000.
Conversely, if the rise slows down and a pullback occurs, the support of the center line ($117,263) is expected to be the benchmark for maintaining the short-term trend. If the center line collapses, the possibility of correction to the lower band ($113,473) should also be considered.
The RSI (Relative Strength Index) is at 52.49, having moved out of the below 50 range from the previous day, indicating a recovery trend. This suggests that buying sentiment is re-entering after moving out of the oversold zone and can be interpreted as a signal of being in the early phase of a reversal.
If the RSI continues to remain above the 50 line, short-term upward momentum can be strengthened, and the settlement of prices above the center line is expected to be a key turning point for trend reversal.
[This article does not provide financial advice, and the investment results are the sole responsibility of the investor.]
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