(Bloomberg) -- Bitcoin erased its weekend decline as the U.S. morning progressed, rebounding from a drop that had taken it to below $8,000 for the first time this month.
The most-traded cryptocurrency was earlier down as much 4.9% from its Friday close, but erased the move to fluctuate around $8,172.59 as of 9:33 a.m. in New York. It remains some distance below the $8,595 mark that represents a 50% drop from its high of the year.
The biggest peer-to-peer currency has had short-lived rebounds in the past month as it successively fell through a support level in the $9,000s and then its 100-day moving average. Traders often look to technical analysis when there's little news to explain price movements in a market characterized by anonymous ownership and poorly correlated with major asset classes.
For a look at criticism of Facebook's Libra coin project, click here.
Rival coins, which had declined earlier, tracked the recovery on Monday. XRP was the biggest gainer on the day, advancing almost 9%.
To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net
To contact the editor responsible for this story: Samuel Potter at spotter33@bloomberg.net
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