I don't get it. A serious correction is clearly long overdue. It's not going to start rallying again just because it pulled back from a support temporarily.

South Africa is looking for ways to regulate the crypto currency market in an effort to curb the growing number of crypto scams, which plague the most developed economy in Africa.

Late last year South Africa was shattered by the collapse of what is described as the country’s largest Ponzi scheme, run by scammers, who presumably traded with bitcoins. The scandal, along with other similar cases of fraud involving digital currencies, forced the local financial authorities to consider tighter and more specific rules for trading the crypto markets.

It's rallied back to almost 40k but I don't think this is the end of the current correction.

Well, Bitcoin's falling like a rock now. It dropped below 30k.