Bitcoin is showing strong signs of life as it hovers near $98,000, with traders hoping for more gains as the holiday rally continues. According to Cointelegraph, Bitcoin’s volatility has calmed down after a $4,000 gain on Christmas Eve, with bulls keeping their grip on the market. Popular trader Skew noted the bullish momentum and described the recent price action as a “failed auction,” signaling potential upward movement.
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South Korean Demand Sparks New Optimism
Meanwhile, Bitcoin’s rise is being fueled by a notable increase in demand from South Korean investors. On-chain data analytics firm CryptoQuant reports a sharp surge in the “Kimchi Premium,” reflecting strong local demand. Analyst Joo Hyun Ryu observed that this uptick is attracting speculative short-term holders, with South Korean exchanges driving a 5.12 premium. CryptoQuant suggests this boost could provide Bitcoin with the momentum it needs to break through key resistance levels.
At the time of writing, Bitcoin is sitting at $98,062.81.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
