Bitcoin recovered from a recent low of $33633 in two days. It recorded a gain of nearly 10 percent over the last 48 hours.
The most popular cryptocurrency is trading at $36868 while writing this report.
The current trends are bearish, analysts say.
Bitcoin more than halved on May 23 after hitting its all-time record of around $65,000 in April.
Multiple factors are said to have influenced the deep fall in Bitcoin prices.
Reports of move by China to crack down on cryptocurrency and tweets by Tesla CEO Elon Musk sent Bitcoin tumbling.
China banned financial and payment institutions from providing cryptocurrency services and the People’s Bank of China reiterated that digital tokens cannot be used as a form of payment.
Bitcon price plunged after Elon Musk said that his car company will not accept the cryptocurrency while selling Tesla vehicles.
BTC’s current market capitalization is $681 billion and global trade volume is $33 billion, according to Coinmarketcap.
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