Bitcoin Tests May Highs: Why Is This Time Different for Recent Buyers?

Bitcoin is retesting its May highs and confronting the same resistance that capped the prior rally. Recent buyers carry higher cost bases, so a failed breakout would expose them to meaningful drawdowns and potential cascade selling. This cycle differs because stronger institutional demand and tighter spot supply provide firmer fundamental support, raising the odds of a sustained breakout. The implication for Bitcoin is binary: a confirmed break above May highs could spark momentum-driven upside and short squeezes, while a rejection would amplify losses for late entrants.