Bitcoin rallies on Monday after last week's correction

After rising to its record high against the USD on Wednesday at $2.791.69, Bitcoin lost more than $500 in the second half of the week. However, the BTC/USD pair gathered momentum on Monday again, suggesting that the recent drop was a technical correction amid profit taking. As of writing, the pair was trading at $2,340, gaining more than 6% on a daily basis.

Commenting on the pair's recent move, "the correction was actually quite brief, the prices today are still higher than that of a week ago and I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week," Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC on Monday.