- The Bitcoin Korea Premium Index just hit a year high of $ 11.97%.
- Also known as Kimichi Premium, it tracks the value of Bitcoin on South Korean exchanges compared to others
- The index is known to sometimes anticipate a large bitcoin price movement
- Bitcoin, conquering $ 60,000, opens the doors to $ 64,000 and beyond
The Bitcoin (BTC) Korea Premium Index just hit an annual high of 11.97%. This is based on data from the team at CryptoQuant.com shared via the following tweet.
The BTC Korea Premium Index reached a high for the year. pic.twitter.com/2tFjIu9S2r
– CryptoQuant.com (@cryptoquant_com) April 4, 2021
What exactly is the Bitcoin Korea Premium Index?
The Bitcoin Korea Premium, also known as the “Kimichi Index”, tracks the price of BTC on South Korean exchanges compared to other global exchanges in Europe and the USA. The term “kimichi” refers to the popular South Korean dish made from fermented cabbage.
If it has a positive value, it means that Bitcoin is trading at a higher price on the South Korean exchanges compared to other crypto exchanges. A positive value is also used to measure traders’ upward movement. In this case, a high premium could indicate a major move in Bitcoin above $ 60,000.
Bitcoin, conquering $ 60,000, opens the doors to $ 64,000 and up
At the time of writing, Bitcoin is trading at $ 57,600 after briefly dropping to $ 56,500 today. This is the case after Bitcoin posted a local high of $ 60,200 on Friday, which provides more reason to be bullish on Bitcoin with the new month of April and the start of the second quarter of 2021.
If the King of Crypto manages to break into the $ 60,000 price range as support, it would open the doors to higher levels, as explained below by the Crypterium Analytics team.
It is possible that the [Bitcoin] Chart could go as high as $ 64,000. During this growth, if it turns out that stop losses from the shortists are accumulating, the price can range from $ 66,000 to $ 67,000.
It should also be noted that March was positive for Bitcoin. During that period, the price went from $ 45,000 to $ 58,000, which is 30% per month. This is 6 months of growth in a row. Bitcoin had a similar result only once in history – in 2012-2013. Then, after growing rapidly, the price fell 33%. We know history repeats itself, so we recommend that you trade Bitcoin very carefully now.