Bitcoin tends to perform well in the days following the month-end options settlement, based on recent history.
"The crypto narrative is shifting from bitcoin to ethereum," wrote FundStrat, which placed a $10K price target on ETH for this year.
Bitcoin has fully recovered from a late Thursday decline and is approaching resistance around $56K-$58K.
Bitcoin’s dominance is less than half of the crypto market as assets like ether and binance coin captivate traders.
The largest cryptocurrency is down about 10% for the month to date, with the momentum shifting to altcoins.
The implication is the ongoing capital rotation out of bitcoin and into ether is likely to continue over the coming months.
BTC continues to struggle near resistance and could approach lower support around $52K.
Accumulation by miners is analogous to increased promoter holding of corporate stock and is considered a positive.
Bitcoin’s stagnant market is due to investors continuing to explore other cryptocurrencies, says one trader.
The Federal Reserve kept monetary policy unchanged and sees inflation as temporary, which is closely watched by bitcoin investors.
JPMorgan points to better liquidity conditions as reasons behind ETH's outperformance relative to BTC, which could provide a tailwind.
Analysts expect the Fed to maintain its pro-easing bias.
Bitcoin stalled just below $56K resistance after a near 18% price recovery from last week's sell-off. Short-term support is within reach.
The purchase represent less than 2% of Nexon's total cash and cash equivalents on hand, the firm says.
Bitcoin's rise this week comes after a weekend where its price went as low as $47,272.