Bitcoin at $83,850: Weekly Close to Decide Fate of May High Breakout
- —Bitcoin holds near $83,850 after breaking May's local high
- —Cowen admits his bet on a market decline did not work out
- —Rising U.S. Treasury yields have yet to drag Bitcoin down
- —Weekly close above May high confirms breakout, below signals fakeout
Why it matters: The weekly close will show whether the bearish structure is broken or the rally was a false breakout amid high rates.
Source: U.Today