Bitcoin prices slide on the day following South Korea's crackdown on cryptocurrency exchanges

Bitcoin fell below $13,000 at one point in trading today, as South Korean regulators raided the country's leading cryptocurrency exchanges.

The impact of the news are affecting all cryptocurrencies, and Bitcoin is still down over 8% on the day - but buyers are not throwing in the towel just yet.

Looking at the technical levels for Bitcoin (based on Coinbase's GDAX exchange):

The plunge today closes in on key support levels that held firm during late December and early January. A slight bounce in the last hour sees buyers come in at the 2-3 January low @ $12,952.50.

Meanwhile, below that there's further support stemming from 23 December lows up until $12,000 mark.

Sellers are still in control right now as the early rebound at the start of the year is almost all but erased by now. For buyers, there is a need to get back above the 100-hour and 200-hour MAs in order to regain control to the upside - otherwise, the current bias remains to the downside and we're only seeing a temporary stall here before the next leg lower.