Bitcoin Nears $98K Mark as South Korean Demand Rises

Bitcoin nears $98K as rising South Korean demand sparks optimism for further gains.

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.

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.