Bitcoin rose toward $61,000 on Thursday, albeit within a choppy trading range. Analysts have mixed views about the short-term direction of BTC’s price, which is up about 2% over the past 24 hours.

On Wednesday, El Salvadorian President Nayib Bukele tweeted that his government had “bought the dip,” adding an additional 420 BTC to the treasury, the equivalent of around $25 million. That purchase was one reason behind today’s price bounce. Bitcoin’s price has whipsawed over the past few days after failing to sustain the all-time high around $66,900 last week.

“Some believe what is happening is a quick balancing process and preparation before the push for new highs, while others think it’s the beginning of a broader correction that will take BTC to $45K-$50K,” FxPro analyst Alex Kuptsikevich, wrote in an email to CoinDesk. Kuptsikevich also mentioned that technical price indicators are retreating from overbought levels, which could lower the odds of a sustained correction.

Other analysts are cautiously optimistic and expect the current pullback to attract greater buying interest for the remainder of the year. “We think the risk-on trade is going to be accelerating in the fourth quarter ... [B]ecause crypto has the most volatility, we are extremely bullish on what crypto will do,” Eddie Ghabour, managing partner at Key Advisors Group, said during an interview with CoinDesk

“Despite this quick dip from the highs, the market feels relatively calm and perhaps even slightly optimistic that this is just a dip before a larger rally into year end,” crypto trading firm QCP Capital wrote in a Telegram announcement.

A full $3.1 billion of BTC options are set to mature on Friday, which could be a source of volatility. Currently, the top volume contracts have been around the $60,000 strike price, with calls outweighing puts.

Calls (bullish position) give the options buyer the right to purchase the underlying asset in the future at a predetermined price, whereas puts (bearish position) provides the right to sell.

“Long [traders] stand to benefit should BTC maintain current levels [around $60K] and put option volume remains subdued,” FundStrat wrote in a Thursday newsletter.

Ether, the world’s second-largest cryptocurrency by market capitalization, returned above $4,000 on Thursday. ETH is up about 4% over the past 24 hours, extending its outperformance versus BTC.

The chart below shows the ETH/BTC ratio, which is currently testing 0.069 resistance – a level where ether previously lagged bitcoin. However, indicators suggest the ratio is not yet overbought, which means ETH/BTC could see further upside toward 0.08 over the next few days.

Most digital assets in the CoinDesk 20 ended the day higher.

Notable winners as of 21:00 UTC (4:00 p.m. ET):

Notable losers: