Bitcoin (BTC<\/a>) rebounded over 5% on Dec. 21 as a dramatic turnaround in the fortunes of the Turkish lira boosted investors\u2019 confidence.\u00a0<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD bouncing overnight as the lira shot up as much as 40% against the United States dollar.<\/p>\n The move came as Turkey\u2019s president, Recep Tayyip Erdo\u011fan, announced sweeping measures to protect consumers and attract lira investors. USD\/TRY had previously hit all-time highs<\/a> of near 19, half of which had occurred in the last two months.<\/p>\n In an ironic twist, Erdo\u011fan himself had come out against cryptocurrency<\/a> in September, declaring Turkey to be \u201cat war\u201d with the industry.<\/p>\n The switch-up fuelled Bitcoin and altcoins alike, with 5% gains mirrored across the major cryptocurrency charts Tuesday.<\/p>\n Cointelegraph contributor Micha\u00ebl van de Poppe was among analysts noting the correlation.<\/p>\n #Bitcoin<\/a> bounces nicely today.#Ethereum<\/a> bounces even better today.<\/p>\n The actual reason?<\/p>\n Turkish Lira makes a strong bounce. <\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) December 20, 2021<\/a><\/p><\/blockquote>\n \u201cGood chances we\u2019re done with the correction,\u201d he added<\/a> in one of various Twitter posts about spot price action on the day. <\/p>\n \u201cThe longer we stay here, the faster the sentiment flips.\u201d<\/p><\/blockquote>\n A look at popular sentiment gauge the Crypto Fear & Greed Index<\/a> reflected modest relief entering thanks to the uptick, the mood rising two points to 27\/100 or from \u201cextreme fear\u201d to \u201cfear.\u201d<\/p>\n Data covering hodler behavior, meanwhile, pointed to an impending watershed moment repeating itself when it comes to Bitcoin profitability.<\/p>\n Related:\u00a0Don\u2019t expect retail sell-off to crash Bitcoin price \u2014 Analyst<\/a><\/em><\/strong><\/p>\n Released by monitoring resource Whalemap, it showed that BTC at a loss should soon pass BTC being hodled with unrealized gains. Historically, upside resumes when such crossovers occur.<\/p>\n There are around 4 million #Bitcoin<\/a> hodled at prices above $50,000. This equates to around 20% of the entire 870B market cap. All of these coins are currently at a loss. pic.twitter.com\/n4dx7NHG8R<\/a><\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/a790dbbf-b522-4883-b163-22528b088ddf.png\")
Wishing on a sentiment flip<\/h2>\n
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![](\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/d7def603-2906-40a4-88a7-e9da28a63cc1.png\")
Analysts eye evaporating unrealized gains<\/h2>\n
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