Bitcoin Coils Between $58,000 And $67,000 for 8 Weeks: Which Way Does It Break?

Bitcoin (CRYPTO: BTC) has spent eight weeks grinding inside the $58,000 to $67,000 range with no breakout and no breakdown.

Yet, a decision will be forced before the end of the year, according to prominent analyst Benjamin Cowen.

Why Cowen Says A Decision Is Coming Cowen said in a YouTube video on Monday that two converging levels are closing in on Bitcoin from both sides.

The bear market resistance band is coming down from above while the 200-week moving average is rising from below, and the gap between them is shrinking fast.

"There's only so much longer that the bear market resistance band can go down and the 200-week moving average can go up before a decision has to be made," Cowen said.