"The view is that some early adopters are making moves at the moment – and you can see that in all of the publicly available exchange trade data," he added.
Bitcoin was the center of a media frenzy last year after it rose 8,000 percent from January to early December. Prices halved soon after amid regulatory concerns.
The cryptocurrency has since fallen out of the spotlight, save for a brief flash crash in August, when prices fell 12 percent during one day, due to concerns about state-specific regulation in in New York. Prices are down 73 percent their all-time high of $1,147 hit on December 4, 2013.
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Interest to remain
Price declines over the weekend are unlikely to deter investors, said David Moskowitz, director at Singapore-based bitcoin trading firm Coin Republic.
"I think the price is really irrelevant to the technology. Obviously it hurts investors when the price goes down but most people who are buyers are in it as long term investors and can withstand the short term gyrations," he said.
"Adoption has continued to increase there has been a tremendous amount of good news over the past year especially with more well-known merchants taking it on," he said.
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Sharp price swings could be positive for bitcoin ANX's Madden said: "It creates headlines and as a result people start to read about it and [attracting] a lot of interest."
Last month venture capitalist Tim Draper forecast that bitcoin prices would rise to $10,000 over the next three years. Draper has a vested interest; he owns 0.25 percent of the market after winning a giant government bitcoin auction in July.
Bitcoin was trading at $306.43 in Asian market hours on Monday, according to CoinDesk.