Bitcoin's price is back around $14,000 and is eyeing a short phase of rangebound trading.
Despite yesterday's bearish price action, the sell-off in the world's largest cryptocurrency by market capitalization seems to have come to a halt today.
As per Coindesk's Bitcoin Price Index (BPI), bitcoin (BTC) found takers at $12,878.60 (price at 00:44 GMT) and moved to an intraday high of $13,773.34. Soon before press time, prices were at $14,090 levels – that's up around 9.4 percent from the 12-day low of $12,878.
The sharp recovery indicates the markets may have digested reports of a trading ban under consideration in South Korea. Further, investors may have realized that South Korea is unlikely to announce the move anytime soon, if at all.
So bitcoin may have found a short-term bottom, but that doesn't necessarily mean the cryptocurrency is heading back to record highs, as fears of a Korean clampdown could remain in the air for some time yet.
While, BTC could have a hard time seeing big gains in the short-term, the technical charts do point to consolidation ahead.