# BTC Market Update: Bullish Momentum Continues Above $111,000
## Recent Price Action
- Bitcoin is currently trading at **$111,034.30**, showing resilience after a brief dip to $110,605 in the last hour
- BTC has maintained strength above the $110,000 psychological level throughout most of today's trading
- Notable surge occurred during the 03:00 hour when price jumped from $109,485 to $111,710, with the highest trading volume of the day (2,202 BTC)
## Key Market Observations
- **24-hour range:** $108,744.50 - $112,023.50
- Bitcoin is trading near its all-time highs despite some caution from professional traders
- Trading volume has been moderate in recent hours compared to the spike during the early morning surge
## Market News Highlights
1. An inverse kimchi premium phenomenon is occurring on domestic exchanges, with BTC trading at approximately -0.69% premium in Korea - the first such occurrence since December last year
2. Professional traders remain cautious despite BTC's approach to historical highs, as shown by derivatives data
3. Spot Bitcoin ETFs experienced a net outflow of $342 million on Tuesday
4. USDT discount in China has reached 1%, creating a new low since mid-May
## What This Means
The market appears bullish but faces some headwinds from institutional caution and ETF outflows. The current price action suggests strong support above $110,000, though traders should monitor volume patterns and the developing inverse kimchi premium situation, which could signal changing market dynamics.
