Bitcoin stabilized on Tuesday, as investors returned to the market to seek cheap valuations after prices of the virtual currency fell to a more than one-month low on Monday.
Bitcoin (BTC/USD) declined 1.51%, or $8.93, on Slovenia-based BitStamp to trade at $584.00 during U.S. morning hours. Prices held in a range between $570.50 and $596.00.
The price of a Bitcoin on Bulgaria-based BTC-e shed 0.77%, or $4.46, to trade at $577.29. Prices fell to $562.00 on Monday, the lowest since June 26.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency dipped 0.45% to trade at $582.06.
Bitcoin moved firmly below the $580-level on Monday, as a wave of technical selling kicked in after prices dropped below key support levels, triggering fresh sell orders amid bearish chart signals.
Over the past couple of weeks, the price of Bitcoin has remained relatively stable, with prices consolidating in a narrow range ever since after hitting a peak of $658.75 on July 1.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.