The Bitcoin (BTC) market has not been too dramatic since June started, as meets the eye. However on closer inspection, the leading crypto is facing a very important moment, and a hidden bull divergence is suggesting that there may be enough gas in the tank to push through a major resistance zone.
We first look at the daily chart to see why the smaller moves are important. Bitcoin is now squeezed very tightly under multi-year resistance, stemming from the 2017 bull market.
Low volume suggests we are going to see a conclusion soon to this movement, with a breakout or breakdown. If Bitcoin breaks up, it could result in a massive move that could easily re-hit the coin’s $20k high.
Down to the 4-hour chart now, we see that Bitcoin has settled into a gently uptrending channel with multiple tests of support around $9,400.
On the RSI here, we see the key highlight for today: throughout June, we see a hidden bull divergence to go along with the gently uptrending price. This suggests that that gentle uptrend could continue—and break free of the uber-critical resistance that Bitcoin is currently trending through.
Again, if that happens, it will be the first time in 2.5 years above that trendline; there is no telling what could follow.
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