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Kimchi Premium on the Rise Again, Can it Pull BTC Out of Consolidation ?

Bitcoin price is currently consolidating just above $57,000 with its market dominance on a continuous decline, currently at 44.41%. Bitcoin registered a sharp correction of over $17k, falling from an ATH of $64,863 to a monthly low of $47,159. The price of the top cryptocurrency has recovered nearly half of the losses, currently 12% short from testing its previous ATH.
Kimchi premium and Coinbase premium have proven to be important market indicators this bull season, where the price of Bitcoin starts selling at a premium price in Korean markets amid growing demand. This creates a price difference between US markets and the Korean market known as Kimchi premium. Kimchi premium registered a significant drop during the last sell-off dropping to negative, but it is on the rise again as it rose to a monthly high of 11%.

Bitcoin this year has set a price pattern where it has risen to an all-time-high (ATH) every month for the past five months, followed by a sharp correction ranging between

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