FILE PHOTO - A Bitcoin sign is seen in a window in Toronto, May 8, 2014. REUTERS/Mark Blinch/File Photo

Bitcoin is making a big comeback. Early selling pushed the cryptocurrency down nearly 4% to $1120 a coin, but buying over the course of the morning has it on session highs, up 3% at $1200 as of 4:22 p.m. ET.

Trade has been volatile over the past couple of sessions amid speculation surrounding the upcoming ETF ruling by the US Securities and Exchange Commission and more regulation out of China.

Bitcoin rallied more than 30% from February 9 to March 3 as traders speculated the SEC will approve at least one of the three proposed bitcoin-focused exchange-traded funds by a March 11 deadline. Because that deadline falls on a Saturday, a decision could come on Monday, March 13.

However, bitcoin has come under pressure the last few days.

On Tuesday, the cryptocurrency plunged $100 in a matter of minutes after a Bloomberg headline cited a People's Bank of China official as suggesting the recent bitcoin regulation wasn't temporary. It ended up retracing most of those losses before resuming its slide on Wednesday, plunging more than 5% after China's three largest exchanges said they would continue blocking withdrawals until granted approval to let them resume by regulators.

Bitcoin is up 25% so far in 2017 after gaining 120% in 2016. It has been the top performing currency in each of the last two years.

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