The Kimchi Premium, which refers to the higher cryptocurrency prices in Korea compared to overseas markets, has further narrowed to around 0.1%.
As of 8:06 AM on June 8th, according to DataMaxiPlus, the Kimchi Premium (Upbit-Binance) recorded 0.14%.
This is a significant reduction from the previous day's 2.01%. Major altcoins such as Ethereum, Solana, and Doge have also dropped to between 0.02% and 0.17%, with almost no price difference between domestic and international markets. While the global market continues to rebound, domestic buying sentiment shows a temporary stabilization.
Kimchi Premium Status by Coin
Bitcoin (BTC): $107,000 / ₩146,769,500 / +0.14%
Ethereum (ETH): $2,559.29 / ₩3,515,000 / +0.07%
Solana (SOL): $174.66 / ₩209,025 / +0.05%
XRP: $2.306 / ₩3,023.5 / +0.17%
Doge: $0.2253 / ₩256.45 / +0.02%
The Kimchi Premium is a price disparity phenomenon where cryptocurrency prices are higher or lower on Korean exchanges compared to overseas markets. The current level indicates that domestic investors are trading more closely aligned with global trends. The reduction in premium suggests neutral trading rather than overheating.
Bitcoin Technical Analysis
The Bollinger Bands upper limit is ₩1,103,947, lower limit is ₩1,009,639, and the center line is ₩1,056,793 (20-day moving average).
Bitcoin is currently trading around ₩1,057,272, above the center line. This suggests that short-term buying sentiment remains and the possibility of reaching the upper band still exists. However, the daily rise has slowed down.
Technically, the possibility of breaking through the upper band (₩1,103,947) is valid, and a strong upward trend could lead to additional rebounds. However, profit-taking around the psychological resistance level of ₩1,104,000 should be considered.
Conversely, if the upward momentum weakens and a pullback occurs, the center line (₩1,056,793) could be crucial in maintaining the short-term trend. If the center line collapses, there's a possibility of correction down to the lower band (₩1,009,639).
The RSI (Relative Strength Index) is 53.11, slightly rebounding from the previous day's 52.41. While lower than the previous high of 73.4, it's showing a re-entry pattern after exiting the overbought zone.
The RSI recovery in the mid-50s can be interpreted as a signal of short-term upward potential. If the trend of settling above the center line continues, expectations for a strong trend after breaking the box range's upper limit may increase.
[This article does not provide financial advice, and the investment results are the sole responsibility of the investor.]
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