Technical analyst Crypto Cred analysed Bitcoin’s BTC/USD recent price action and suggested trading strategies for the consolidation range.
What Happened: In his latest Monday Markets episode, the analyst examined Bitcoin futures data, noting that the recent rally appears to be driven more by spot buying than leveraged futures positions.
He pointed to the quarterly futures basis remaining flat despite price increases, and negative funding rates on major exchanges like Bybit and Binance.
"Whatever's pushing the market up, it’s not perpetual because they’re below the index," CryptoCred highlighted, referring to the spot price.
The analyst emphasized the importance of looking for divergences between price action and metrics like open interest and funding rates. He warned against over-interpreting small moves, stating, “Most of the time if this isn’t here and the market is just generally playing along with what you’d expect… I’ll just assume that there’s no signal there.”
Why It Matters: For Bitcoin, CryptoCred identified $62,000 as a key technical level to watch. He outlined potential scenarios, such as funding rates becoming more negative as the price approaches this level.
Turning to altcoins, CryptoCred noted Ethereum’s ETH/USD strong bounce but suggests waiting for a potential higher low in the $2400 range before considering entries.
He viewed Solana SOL/USD as uninteresting at current levels after multiple tests of support.
The analyst further highlighted Tron‘s TRX/USD recent strength, driven by meme coin activity on its blockchain. For traders looking to capitalize on Tron’s uptrend, CryptoCred recommends focusing on low-streaming pullbacks with decreases in open interest as potential entry points.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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