Investing.com - Bitcoin prices consolidated in rangebound trade on Monday, as speculators awaited the next catalyst to influence price direction.
BTC/USD inched up 0.02%, or 13 cents, on Slovenia-based BitStamp to trade at $587.28 during U.S. morning hours.
Bitcoin prices were likely to find support at $555.90, the low from July 31, and resistance at $607.20, the high from August 1.
Elsewhere, the price of a Bitcoin on Bulgaria-based BTC-e dipped 0.09%, or 50 cents, to trade at $580.50.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency eased down 0.01% to trade at $585.48.
Sentiment remained shaky as a wave of technical selling kicked last week after prices dropped below key support levels, triggering fresh sell orders amid bearish chart signals.
Prices of the virtual currency fell below the key $600-level on July 25, after trading above the mark during the previous 30 days.
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.