The Bitcoin Korea Premium Index heated up once more to indicate retail interest strengthened, but BTC's rally might not continue farther.
The Korean crypto market has regulations against institutional investors. Hence, it is made up largely of retail traders, who might not be privy to the data that institutions possess.prices were at $42.8k. Ten days later, the price was at $39.5k. The recent jump in the KPI raised fears that another such drop in prices could follow.
The Open Interest data in the lower timeframes showed that the market sentiment has been muted in the past five days. Neither buyers nor sellers had a clear advantage, based on OI data fromHighlighted in purple was a range that Bitcoin has traded within for the past five days. It reached from $50.6k to $52.5k, and the mid-point at $51.5k has served as support as resistance.
After the strong move earlier this month, Bitcoin bulls were consolidating their gains. However, the falling OBV suggested that they might not have the power to sustain the rally further.AMBCrypto also analyzed the liquidation levels data from Hyblock to understand where prices might move next. The Cumulative Liq Levels Delta was negative and has been so for the past four days.So, prices would likely hunt the short liquidations first before a potential reversal.
It is expected that Bitcoin would climb to these levels, and possibly as high as $53.6k, before reversing bearishly and hunting the long liquidations over the next week or two.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.Subscribe to get it daily in your inbox.
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