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Bitcoin is going through a minor corrective rally today. Bitcoin Price Index (BPI) fell to $9,592.96 at 01:59 UTC – the lowest level for one week.

Let’s remember that the global average price calculated by CoinMarketCap is holding around $200 higher, largely due to the “Kimchi premium” – that is, BTC is changing hands above $11,000 on Korean exchanges Upbit, Bithumb, and Coinone.

Bitcoin price

Meanwhile, across western exchanges, the world’s largest cryptocurrency by market capitalization is trading closer to $10,000.

The most famous cryptocurrency has depreciated by 1,86% in the last 24 hours.

BTC is stuck inside a falling channel, creating lower lows and lower highs. However, only a daily close above $11,228 (38.2% Fibonacci retracement of the sell-off from the record highs), would signal a revival of the rally from Feb. 6 lows below $6,000.

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NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
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