Analysts say more spot buying is needed to bring bitcoin over the $50,000 mark.
Lack of hedging demand for long-term put options shows institutions remain unconcerned by Monday's price drop.
The sudden pullback just short of a new $50,000 high surprised many investors. Here's what probably happened.
EUR/USD, the most liquid currency pair globally, tracked bitcoin higher following the Tesla news.
The market is bullish on both cryptocurrencies, for different reasons.
A wave of new bitcoin buyers is arriving just as easily-obtained supplies of the cryptocurrency fall to their lowest levels in more than three years.
Alternative cryptocurrencies are surging as bitcoin consolidates after its recent record-breaking rally.
Bitcoin's price volatility may put corporates off from emulating Tesla's decision to invest in the cryptocurrency.
Ether has more than doubled in value this year, outperforming bitcoin.
"The market is now pricing in a high likelihood that many other corporates will copy Tesla," one trader said.
It's the year of the ox, and many traders and investors are holding their bitcoin in anticipation of a bullish market trend.
Bitcoin breaks out, Twitter CEO Jack Dorsey sets up a bitcoin node and Bank of England warns on negative rates. Meanwhile, it's DeFi that's mooning.
An analyst expects DeFi tokens to mimic bitcoin's 2017 bull run this year.
Altcoins like Chainlink get big boost from DeFi growth on Ethereum, while inflation bets boost bitcoin and dogecoin gets (Elon Musk) moonshot.
The average Ethereum transaction fee has passed $20 for the first time.