Bitcoin's Narrow Range Sets Stage for Volatility

Crypto analyst Benjamin Cowen warns that Bitcoin (BTC) is stuck around $63,000 and may break lower before the cycle bottoms. He notes that the cryptocurrency is being squeezed between its 200-week moving average and the bear market resistance band, creating a narrowing range.

Cowen's base case remains bearish in the near term, with a potential stock-market correction later in September. He also expects Bitcoin to show weakness before stocks do.

The analyst points out that historically low volatility is one reason traders should not become complacent. Bitcoin's 60-day volatility has fallen to roughly 1.47%, while 30-day volatility sits near 1.16%.