Bitcoin Recovers From Below $8,000 as Traders Look for Support

(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.

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Rival coins, which had declined earlier, tracked the recovery on Monday. XRP was the biggest gainer on the day, advancing almost 9%.

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