Analyst: BTC Closes Above May High, Yet Momentum Lags Historical Trends

Analyst Benjamin Cowen noted that while BTC has technically closed above its May high, the gain remains marginal at less than 1%. Historically, BTC has surged 20% to 30% within one to two weeks after breaking the 50-week moving average, a pattern not observed in the current cycle. Market participants attribute this relative weakness to concerns over seasonal downturns and rising yields. Cowen acknowledged that the asset's unexpected strength has led him to reconsider his previous bearish outlook for Q4 and adopt a more flexible analytical approach.