Koreans like to trade BTC, and the price often ends up being several hundred dollars higher, known as the "kimchi premium." However, in the past few days, the premium has skyrocketed to an outrageous $5,000. Retail investors are willing to pay a 10% premium to buy, and it's worth noting that when the kimchi premium soars, it's easy to create coins that skyrocket, such as LINK and XRP in previous years, both of which were bought by Korean funds. For example, PEPE was also initially bought by Korean funds, followed by other funds. Therefore, during the bull market in 2021, when a new coin is listed on a Korean exchange, it can surge by 20%. In the past two days, the old mainstream has shown overall strength, which is also closely related to Korean funds.
Currently, the small coins with high trading volume on the Korean exchange B are: MTL, SOL, DOGE, ETC, NCT, ARKM, STRK, AGI, LSK, XEC, many of which are old coins. The reason is that the new listings on Korean platforms are strictly reviewed, and Korea also prohibits market-making and other businesses. Several platform operators have been arrested, so with fewer coins and more funds, it's easier for them to rise. You can pay attention to the dynamics of related currencies.
BTC:
Grayscale has transferred a large amount of BTC to the platform, which has a suppressing effect on BTC. BTC has formed a U-shaped rebound, retracing to the M-head level, accompanied by an hourly pin bar, weakening bullish volume. BTC has entered a triangular convergence trend. The key resistance level above is $66,883. Only by stabilizing at $66,883 can it build a strong base and enter a new round of upward trend. Next, BTC will retrace after hitting $66,883.
Resistance levels: $66,883, $68,284, $70,152
Support levels: $64,377, $62,138, $60,354
ETH:
The SEC's rejection of the ETF has a bearish impact on ETH. ETH quickly recovers its decline, confirming bullish support. The hourly chart has repeatedly surged and retraced, needing further consolidation. The key level above is $3,831. ETH needs to test the resistance level multiple times. Only by stabilizing at $3,831 can it surge again. Next, ETH will retrace after hitting $3,831.
Resistance levels: $3,831, $3,915, $4,012
Support levels: $3,648, $3,522, $3,436
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