Bitcoin is trading around $83,850, testing the limits of classical macroeconomic models. It broke above the May local high, forcing bears to capitulate, including Benjamin Cowen, founder of Into The Cryptoverse, who acknowledged being wrong about his bearish outlook based on rising U.S. Treasury yields and the Fed’s hawkish monetary policy. Despite the historical pressure of long-term yields on risk assets, Bitcoin has so far ignored these macroeconomic headwinds. Traders are now watching the weekly close, which could confirm a decisive break of the bearish structure if the price holds above the May peak, or invalidate the move if it falls back into the old range.
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