Bitcoin's bulls are taking over the market again.
Crypto market appears to be already looking past the harsh correction from earlier this week.
There are signs some of the excessive leverage had been wrung out of the market, implying the potential for a fresh more to the upside, analysts said.
Bitcoin analysts say this week's quick market rebound might be due to Chinese retail buyers buying the dip, using the stablecoin tether.
Bitcoin's price has declined 20% since Sunday.
Even after a price plunge of more than $10,000 over the past couple days, analysts see further selling ahead.
After a lot of drama, bitcoin’s back to trading where it was a few days ago.
Blockchain data showed investors moving the cryptocurrency onto exchanges, ostensibly preparing for a quick sale.
There are still several psychological barriers for bitcoin to break, even as it passed a key milestone of $1 trillion in market capitalization.
The price could go higher, unless traders start taking profits.
A year ago, bitcoin's market value was $178 billion.
Bitcoin and ether continue to rise, but that could create problems for overheated derivatives markets.
Bitcoin's market is over-leveraged now as the cryptocurrency continues its run higher.
Bitcoin's price is in uncharted territory while its volatility remains high.
Markets think the latest bull run will continue.