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After spending the weekend in a range between the $8100 and $8300 handles, Bitcoin extended its corrective slide to a three day low at $7860 on Monday before staging a strong recovery in the last few hours. As of writing, Bitcoin was trading at $8100, still losing 1.5% on the day.

Although there were no clear catalysts behind that recent upsurge, it seems like the fall below $8000 allowed buyers to add to their long positions. In fact, the latest available data on reveals that the total market capitalization of Bitcoin increased to $138 billion from $136 billion in the last couple of hours. In case the bullish momentum persists, the pair could test the critical $8500 area, where the two-week-long rally encountered a resistance last week.