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.