Crypto analyst CryptoCred has dissected Bitcoin’s recent price movements, offering trading insights for its consolidation range. In his latest Monday Markets episode, he delved into Bitcoin futures data, uncovering that the recent rally appears fueled more by spot purchases rather than leveraged futures positions. This observation is supported by the flat quarterly futures basis despite price increases and negative funding rates on major exchanges like Bybit and Binance.
CryptoCred emphasizes the importance of observing divergences between price action and indicators like open interest and funding rates. He cautions against overreacting to minor price shifts, stating that if these indicators don’t align with expected market behavior, it’s best to assume there’s no clear signal.
For Bitcoin, CryptoCred identifies $62,000 as a critical technical level to watch. He outlines potential scenarios, including increased negative funding rates as the price approaches this level.
Turning his attention to altcoins, CryptoCred notes Ethereum’s strong bounce but advises waiting for a potential higher low around the $2,400 range before entering positions. He deems Solana’s current price action uninteresting after multiple tests of support.
The analyst highlights Tron’s recent strength, fueled by meme coin activity on its blockchain. For traders aiming to capitalize on Tron’s uptrend, CryptoCred recommends focusing on low-streaming pullbacks with decreasing open interest as potential entry points.
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 November 19th.
