Bitcoin (BTC) $60K Levels Unsustainable With Low Volume, Kimchi Premium Hits One-Year High
Bitcoin (BTC) has been facing a sharp resistance at $60,000 levels. On Saturday, April 3, the Bitcoin (BTC) price failed to break past $60K and rather has been facing downward pressure currently. At press time, BTC is trading 2% down at $58,261 levels with a market cap of $1.087 trillion.
Earlier this week, on-chain data provider Skew Analytics reported that BTC’s move towards $60K was unsustainable as there was no enough volume to support the surge.
No large volume spike in March as #bitcoin consolidated near the highs pic.twitter.com/xkwuE3ZFea
— skew (@skewdotcom) March 31, 2021
While Bitcoin tried to make an attempt towards $60K, it was unsuccessful in it. Over the last two weeks, BTC has been flirting back and forth between $53K-$60K levels and it seems that BTC will consolidate further before making any other big move.
Bitcoin Kimchi Premium Hits One-Year High
This is another sign of worry at the moment which can push BTC price further south. As per data on CryptoQuant, the Bitcoin (BTC) Kimchi Premium has hit a one-year high.
$BTC Korea premium index hit a year high. pic.twitter.com/2tFjIu9S2r
— CryptoQuant.com (@cryptoquant_com) April 4, 2021
Kimchi Premium is the premium at which Bitcoin (BTC) is trading on the South Korean exchanges in comparison to other exchanges. In the past bull run of 2017, the Korean BTC investors resolved to sell their holdings on global exchanges making the most of the price arbitrage.
However, CryptoQuant CEO says that this is not a matter of much worry at this stage since the volume on Korean exchanges constitutes less than 2% of the global Bitcoin volumes. He wrote:
“According to @Coinmarketcap, $BTC 24h trading volume in Korean exchanges is 1.7% of the world’s whole trading volume. Even if the bubble collapses, the impact is unlikely to be significant since it’s just 1.7%.”
On the other hand, one of the positive indicators for Bitcoin is that miners have stopped selling and rather started accumulating BTC recently.
Another 4,380 #Bitcoin stacked by miners yesterday.
Looks like a trend, indeed. pic.twitter.com/8LlMwssyuS
— Lex Moskovski (@mskvsk) April 3, 2021
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