Analyst: BTC closed above its May high, but the rally remains far weaker than historical trends.

Analyst Benjamin Cowen (@benjamincowen) notes that BTC's closing price has broken through May highs, which is technically bullish, though it remains less than 1% away from that peak and prices are virtually unchanged. Historically, after breaking above the 50-week moving average (as in 2019 and 2023), BTC typically rallies 20% to 30% within one to two weeks. However, the gains in this cycle have been noticeably subdued, with the market widely attributing this to concerns over seasonal weakness and persistently rising yields. Cowen concedes that while he had previously forecast a Q4 downturn, BTC's sustained strength is leading him to reassess his projection, stating he will minimize subjective bias in future analyses and maintain a more open stance.