Bitcoin (BTC) rebounded over v% on Dec. 21 equally a dramatic turnaround in the fortunes of the Turkish lira boosted investors' confidence.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Wishing on a sentiment flip

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing overnight as the lira shot up as much as 40% against the United States dollar.

The move came as Turkey'southward president, Recep Tayyip Erdoğan, announced sweeping measures to protect consumers and concenter lira investors. USD/Effort had previously hit all-time highs of near 19, half of which had occurred in the last 2 months.

In an ironic twist, Erdoğan himself had come out against cryptocurrency in September, declaring Turkey to exist "at state of war" with the industry.

The switch-up fuelled Bitcoin and altcoins alike, with 5% gains mirrored across the major cryptocurrency charts Tuesday.

Cointelegraph contributor Michaël van de Poppe was among analysts noting the correlation.

"Good chances we're done with the correction," he added in one of diverse Twitter posts about spot price activity on the 24-hour interval.

"The longer we stay hither, the faster the sentiment flips."

A look at popular sentiment gauge the Crypto Fear & Greed Index reflected pocket-sized relief entering thanks to the uptick, the mood rising two points to 27/100 or from "farthermost fear" to "fright."

Crypto Fear & Greed Index. Source: Alternative.me

Analysts eye evaporating unrealized gains

Data covering hodler behavior, meanwhile, pointed to an impending watershed moment repeating itself when it comes to Bitcoin profitability.

Related: Don't wait retail sell-off to crash Bitcoin price — Analyst

Released by monitoring resource Whalemap, it showed that BTC at a loss should shortly laissez passer BTC being hodled with unrealized gains. Historically, upside resumes when such crossovers occur.

"Non quite there nonetheless only looking promising," the Whalemap team told Telegram subscribers, adding in comments to Cointelegraph that in principle, "the more unrealized losses, the ameliorate."