{"id":527547,"date":"2023-04-19T18:00:34","date_gmt":"2023-04-19T18:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=527547"},"modified":"2024-06-11T07:06:20","modified_gmt":"2024-06-11T07:06:20","slug":"bitcoin-korea-premium-index-selling-pullback","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-korea-premium-index-selling-pullback\/","title":{"rendered":"Bitcoin Korea Premium Index Shows Signs Of Selling, Pullback Soon?"},"content":{"rendered":"

On-chain data shows the Bitcoin Korea Premium Index has been displaying signs of selling pressure, something that could result in a pullback.<\/p>\n

Bitcoin Korea Premium Index Has Turned Red In Recent Days<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the selling pressure has been rising in the sector recently. The “Korea Premium Index<\/a>” is an indicator that measures the difference between the Bitcoin price listed on the South Korean exchanges and that listed on foreign platforms.<\/p>\n

When the value of this metric is positive, it means the price of the cryptocurrency listed on the South Korean exchanges is currently greater than that on the global ones. Such a trend suggests that there is a heavier amount of buying taking place on the former platforms right now compared to the latter ones (or alternatively, the Korean exchanges are just observing a lower amount of selling pressure).<\/p>\n

On the other hand, the indicator showing a negative value implies that South Korean investors may be selling more of the cryptocurrency compared to the rest of the world’s user base.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin Korea Premium Index over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been quite red in recent days | Source: CryptoQuant<\/a><\/pre>\n
As shown in the above graph, the Bitcoin Korea Premium Index has been very positive during most of the rallies in the last few months, suggesting that users of the South Korean exchanges have been heavily purchasing the cryptocurrency throughout the price surge.<\/p>\n
This constant buying pressure from these holders may be one of the reasons why the asset has been able to sustain an upwards trajectory in these recent months.<\/p>\n
Related Reading: Glassnode: 8\/8 Bitcoin On-Chain Indicators Confirm Recovery From Bear<\/a><\/div>\n
There have also been a few instances, however, where the indicator’s value has turned negative and the global investors have outpaced this cohort in terms of the buying pressure.<\/p>\n
The most notable recent instance of this trend was when Bitcoin broke above the $31,000 mark a few days back. The asset topped out above this level when the Korea Premium Index turned red, implying that it may be the selling from these holders that led to the coin’s decline<\/a>.<\/p>\n
Many of the other occurrences of the metric showing negative values this year have also similarly provided resistance to the asset. Recently, the indicator has again turned red, suggesting that these investors may have started to distribute once more.<\/p>\n
Related Reading: Bitcoin Bearish Signal: Exchange Whale Ratio Spikes<\/a><\/div>\n
The bearish impact from these red values didn’t immediately appear as the price in fact started climbing and went above the $30,000 mark<\/a> shortly after. During the past day, however, this recovery has disappeared as the asset has sharply plunged below this level again.<\/p>\n
It’s uncertain whether this dip was all that was to come because of the selling pressure from the Korean investors, or if the cryptocurrency would be facing more pullback in the near term.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $29,100, down 3% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has plunged during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin Korea Premium Index has been displaying signs of selling pressure, something that could result in a pullback. Bitcoin Korea Premium Index Has Turned Red In Recent Days As pointed out by an analyst in a CryptoQuant post, the selling pressure has been rising in the sector recently. The “Korea Premium Index” is an indicator that measures the difference between the Bitcoin price listed on the South Korean exchanges and that listed on foreign platforms. When the value of this metric is positive, it means the price of the cryptocurrency listed on the South Korean exchanges is currently greater than that on the global ones. Such a trend suggests that there is a heavier amount of buying taking place on the former platforms right now compared to the latter ones (or alternatively, the Korean exchanges are just observing a lower amount of selling pressure). On the other hand, the indicator showing a negative value implies that South Korean investors may be selling more of the cryptocurrency compared to the rest of the world’s user base. Now, here is a chart that shows the trend in the Bitcoin Korea Premium Index over the last few months: The value of the metric seems to have been quite red in recent days | Source: CryptoQuant As shown in the above graph, the Bitcoin Korea Premium Index has been very positive during most of the rallies in the last few months, suggesting that users of the South Korean exchanges have been heavily purchasing the cryptocurrency throughout the price surge. This constant buying pressure from these holders may be one of the reasons why the asset has been able to sustain an upwards trajectory in these recent months. Related Reading: Glassnode: 8\/8 Bitcoin On-Chain Indicators Confirm Recovery From Bear There have also been a few instances, however, where the indicator’s value has turned negative and the global investors have outpaced this cohort in terms of the buying pressure. The most notable recent instance of this trend was when Bitcoin broke above the $31,000 mark a few days back. The asset topped out above this level when the Korea Premium Index turned red, implying that it may be the selling from these holders that led to the coin’s decline. Many of the other occurrences of the metric showing negative values this year have also similarly provided resistance to the asset. Recently, the indicator has again turned red, suggesting that these investors may have started to distribute once more. Related Reading: Bitcoin Bearish Signal: Exchange Whale Ratio Spikes The bearish impact from these red values didn’t immediately appear as the price in fact started climbing and went above the $30,000 mark shortly after. During the past day, however, this recovery has disappeared as the asset has sharply plunged below this level again. It’s uncertain whether this dip was all that was to come because of the selling pressure from the Korean investors, or if the cryptocurrency would be facing more pullback in the near term. BTC Price At the time of writing, Bitcoin is trading around $29,100, down 3% in the last week. Looks like BTC has plunged during the past day | Source: BTCUSD on TradingView Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":527560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88034,86007,16136,1119,1144],"class_list":["post-527547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-korea-premium-index","tag-bitcoin-selling-pressure","tag-bitcoin-selloff","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Korea Premium Index Shows Signs Of Selling, Pullback Soon?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin Korea Premium Index has been displaying signs of selling pressure, something that could result in a pullback. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Korea Premium Index Shows Signs Of Selling, Pullback Soon?","url":"http:\/\/wncen.com\/news\/bitcoin-korea-premium-index-selling-pullback\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-korea-premium-index-selling-pullback\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/mana5280-rGPDLlMNFF4-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/mana5280-rGPDLlMNFF4-unsplash-scaled.jpg?fit=2560%2C1900"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin korea premium index","bitcoin selling pressure","bitcoin selloff","btc","btcusd"],"dateCreated":"2023-04-19T18:00:34Z","datePublished":"2023-04-19T18:00:34Z","dateModified":"2024-06-11T07:06:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Korea Premium Index Shows Signs Of Selling, Pullback Soon?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-korea-premium-index-selling-pullback\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-korea-premium-index-selling-pullback\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/mana5280-rGPDLlMNFF4-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/mana5280-rGPDLlMNFF4-unsplash-scaled.jpg?fit=2560%2C1900\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin korea premium index\",\"bitcoin selling pressure\",\"bitcoin selloff\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-04-19T18:00:34Z\",\"datePublished\":\"2023-04-19T18:00:34Z\",\"dateModified\":\"2024-06-11T07:06:20Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/mana5280-rGPDLlMNFF4-unsplash-scaled.jpg?fit=2560%2C1900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/527547"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=527547"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/527547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/527560"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=527547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=527547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=527547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}