cointelegraph.com
The "Kimchi premium" is back. Bitcoin (BTC) is trading more than 6% higher across major South Korean crypto exchanges as of March 29.
Data from CryptoQuant shows that the premium in the South Korean market was nonexistent for many months and, in fact, dropped to around -6% in early February when BTC dipped below $30,000.
The so-called Kimchi premium forms when the price of Bitcoin trades higher on South Korean exchanges than other markets.
The return of this premium is a bullish sign suggesting that demand for Bitcoin in South Korea is likely outpacing supply.
The trader noted:
"BTC is recovering this week after the down-side wicks of the previous 2 weeks showed slowing in the sell-side momentum $BTC will attempt to crack the confluent black diagonal & red horizontal resistance area (~$59,000) Break this area and #Bitcoin will reach new All-Time Highs."
Fellow trader "CryptoCapo," meanwhile, said that this momentum can potentially take Bitcoin to new highs and above, possibly to even $80,000. He said:
"The panic didn't make any sense. Some people just want to see the world burn... Send it to $80k+"