Crypto Analyst CryptoCred Analyzes Bitcoin's Recent Price Action and Suggests Trading Strategies for the Consolidation Range

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.

A technical analyst at Crypto Cred has provided his latest analysis on Bitcoin and highlighted key technical levels to watch. The analyst also suggested trading strategies for altcoins like Ethereum, Solana and Tron.

Technical analyst Crypto Cred has analyzed Bitcoin’s recent price action and suggested trading strategies for the consolidation range.

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.”

Bitcoin futures open interest remained largely flat over the past week, showing a slight decrease.

On the other hand, Binance funding rates remained negative for the quarter and the month, while Bybit funding rates were neutral for the quarter and slightly positive for the month.

CryptoCred noted that as Bitcoin’s price approaches the $62,000 level, it will be crucial to observe whether funding rates become more negative.

If funding rates do not adjust significantly despite the price increase, the analyst suggested that it could indicate a lack of interest from traders in pushing the price higher.

However, if funding rates become notably negative, it could indicate an institutional bid that is driving the price up.

In such a scenario, CryptoCred advised traders to consider entering a trade on the quarter, anticipating a potential squeeze.

Turning to altcoins, CryptoCred noted Ethereum’s strong bounce but suggests waiting for a potential higher low in the $2400 range before considering entries.

He viewed Solana as uninteresting at current levels after multiple tests of support.

The analyst further highlighted Tron’s 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.

The institutional interest in crypto is expected to be a key topic at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. Register here to join the conversation with industry leaders and traders.

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