Bitcoin rebounded its 12-day losing streak to over $ 20,000, leading the cryptocurrency market to a sharp turn after a series of record declines.

And the world’s largest cryptocurrency rose 16% on Sunday, offsetting its losses from a sharp decline on Saturday, leading to its decline to $ 17,599.

The price of “Bitcoin” reached about $ 20,400 as of 5 p.m.

Paul Vratidakit, partner at crypto-focused hedge fund Pantera Capital, said: “I think we’re starting to reach the bottom where institutional investors see buying opportunities.

Even with the Sunday rally, Bitcoin has fallen more than 30% this month and almost 70% since its all-time high in November.

“In almost 12 years of business history,[பிட்காயின்]It did not go down well with the previous cycle, “said Katie Stockton, executive partner and founder of Fairleet Strategies.

It added that continued weekly losses below this level would increase the risk of falling to the next support level of $ 13,900.

CoinGecko’s data shows that the total cryptocurrency market capitalization reached nearly $ 900 billion on Sunday, down from $ 3 trillion in November.