Bitcoin snapped a 12-day slide, bouncing along with the rest of the cryptocurrency market after a record-breaking string of declines.
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.
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.
“For those who like to buy low and sell high, I think most can agree that it’s the former now,” said Mati Greenspan, founder of Quantum Economics.
Trading has been heavier than normal this weekend, with Bitcoin volume approaching $40 billion in the 24 hours
Bitcoin’s leg down on Saturday pushed the coin below $19,511, the high it hit during its last bull cycle in 2017, which it reached at the end of that year.
Throughout its roughly 12-year trading history, Bitcoin has never dropped below previous cycle peaks.
The token also broke through a technical support level of $18,300, said Katie Stockton managing partner and founder of Fairlead Strategies.
Consecutive weekly losses below that level would increase the risk of falling toward the next support of $13,900, she added.
The crypto market as a whole is now a fraction of the size it reached in late 2021, when Bitcoin traded near $69,000 and traders poured cash into speculative investments of all stripes.