BTC Price Analysis: Beartrap on BTC/USD Falters Around $7K As Data Shows Bitcoin Hash Rate Erases March Loss

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*BTC/USD is floating near $7,060, down from the $7,155 intraday high
*Bears trap faltering near $7,000
*Bitcoin (BTC) reported new evidence of progress as its hash rate rebounds back to levels before the crash in March, erasing loss.

BTC/USD is increasing in value at $7,060 at the time of publishing, with more than 4.5 percent of daily gains. The king digital asset has stabilized beyond psychological $7,000; although, the next high resistance of $7,200 restricts the further upside. This resistance is formed by a convergence of strong technical indicators involving strong prior recovery and retracement of 50 percent from the high of February to downside shift. When it’s out of the path, for the next emphasis on $7,500, the upside is expected to gain momentum.

The bulls are making a conscious effort to cross beyond the $7,200 price mark in the near term, attempting to break the resistance zone, which is seen ranging from $7000-$7200 but demand stays intense around this zone. The previous session saw a retest of a broken 4-hour flag. Bitcoin showed a strong recovery to levels above $7,060, following a decline to $7,000 earlier today.

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