Bitcoin is trading around $83,850 after breaking above its May local high, a move that has pressured bearish traders and challenged forecasts based on four-year market cycles. Benjamin Cowen, founder of Into The Cryptoverse, acknowledged that his expectation of a decline was wrong after rising energy prices, the Fed's hawkish monetary policy and higher U.S. Treasury yields failed to push Bitcoin toward a new bottom. Cowen said the cryptocurrency has so far absorbed those macroeconomic headwinds, even as rising long-term yields have begun affecting other sectors and historically reduced liquidity in risk markets. He is urging traders to focus on the weekly close: a finish above the May peak would decisively break the bearish structure, while a retreat into the previous range would indicate a false breakout. The close is therefore central to determining whether Bitcoin has confirmed its move higher amid rising interest rates and a supply shock.