Bitcoin prices held steady in rangebound trade on Monday, as speculators awaited the next catalyst to influence price direction. BTC/USD eased up 0.18%, or $1.06, on Slovenia-based BitStamp to trade at $587.95 during U.S. morning hours. Prices held in a narrow range between $586.00 and $596.82. 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 Bitcoin BTC-e dipped 0.41%, or $2.39, to trade at $582.60. Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) shed 0.36%, or €1.58, to trade at €440.14 on U.S.-based Kraken Exchange. According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency declined 0.48% to trade at $586.95. Prices of the virtual currency have been trapped in rangebound trade near the $590-level in recent sessions, as market participants were hesitant to open fresh positions amid bearish chart signals. Market players remain concerned about possible regulation of the virtual currency among other adverse events in the industry. New York’s Department of Financial Services proposed a BitLicense on July 17. As per the proposal, firms would have to obtain a license to engage in the virtual currency business. Some market analysts have expressed concerns over the proposal, saying increased regulation would pressurize the Bitcoin industry. 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.