Markdown link reference does not allow code

Example markdown:

text [`code`][] text

[`code`]: file.md

Expected result:

text [{{code}}|file.md] text

Actual result:

text [{{code}}][] text

Issue reproduced at least in non-default branch. Didn't check at default branch yet.

Looks like the problem is in link reference [`code`]: file.md.

I reported the issue errornously there. As i understand from comment, the problem is inconsistent.