Bitcoin Bounces After Rout But Vibe Is Still ‘Strongly Negative’

Bitcoin snapped a 12-day slide, bouncing along with the rest of the cryptocurrency market after a record-breaking string of declines. Analysts cautioned the respite may be brief.

The world’s largest cryptocurrency climbed as much as 12% early Sunday, recouping much of its losses from a steep drop Saturday that sent the token to as low as $17,599. Bitcoin came tantalizingly close to retaking $20,000 at several points during the day, only to retreat, and stood at $19,450 as of 12:30 p.m. in New York. Ether, which touched as low as $881 in the selloff, climbed 17% to $1,060, while alternative coins from Avalanche to Solana also enjoyed gains. Even with Sunday’s rally, Bitcoin is down almost 40% this month and more than 70% from its all-time high reached in November.

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