Bitcoin has pared all of its recent losses driven by the China crackdown

Bitcoin reclaimed the pivotal $40,000 level at 6:25 a.m. UTC on the Bitstamp exchange. 

The leading cryptocurrency is now up nearly six percent over the past 24 hours, currently trading at $40,756. 

After swiftly recovering from its May 19 crash, Bitcoin endured yet another crash within the same week due to a top Chinese regulator clamping down on cryptocurrency mining.      

veteran trader John Bollinger tweeted that Bitcoin was forming a double bottom on Sunday.       

Bitcoin is now up over 30 percent since the May 23 low.    

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