Bitcoin eyes $25K as BTC price nears best weekly close in 5 months

By akohad Jan29,2023

[ad_1]

Bitcoin (BTC) spiked into key liquidity for a third time into Jan. 29 as the weekly and monthly closes loomed.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader on Bitcoin: $25,000 “in sight”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD briefly hitting $24,498 on Bitstamp overnight.

The move, although short lived, marked the pair’s third such attempt to take sell-side liquidity above $23,400 in recent days.

In each instance, bulls appeared to lack momentum to reclaim new support levels, and at the time of writing, the status quo remained the same, with Bitcoin trading just below liquidity at $23,250.

BTC/USD order book data (Binance). Source: Material Indicators/ Twitter

Previous order book data from Binance uploaded to Twitter by monitoring resource Material Indicators demonstrated the firepower needed to neutralize bears.

As of Jan. 27, resistance was stacked at $23,200, $24,500 and $25,000, with the latter nonetheless still on traders’ radar as a potential next target.

“$25,000 target in sight,” a confident Crypto Tony told Twitter followers in part of comments on the day.

BTC/USD annotated chart. Source: Crypto Tony/ Twitter

Crypto Tony additionally expected a move higher on altcoins, with the overall crypto market cap set for a retest of resistance above the $1 trillion mark.

“I am still looking for a decent move up over the next few weeks, BUT Be cautious when we begin tapping the $1.2 – $1.33 trillion market cap resistance level. This is a significant level and I expect strong resistance here,” he wrote on Jan. 28.

Total crypto market cap annotated chart. Source: Crypto Tony/ Twitter

Like others, however, Crypto Tony remained cautious on longer timeframes, keeping the door open for a new macro low to appear on Bitcoin and altcoins at some point in 2023. 

Among them is fellow commentator Il Capo of Crypto, who in an update on the day avoided technical analysis to state that he remained “short and strong” BTC.

“Interesting week ahead,” he added.

Best January in a decade?

At current prices, BTC/USD looked set to close the week at its highest levels since mid-August.

Related: Bitcoin ‘so bullish’ at $23K as analyst reveals new BTC price metrics

With the ramifications of the FTX meltdown absent from the charts, January gains stood at 39.8% at the time of writing, Bitcoin’s most profitable January since 2013.

Bitcoin monthly returns data (screenshot). Source: Coinglass

In addition to the monthly close, the coming week will see fresh potential macroeconomic triggers from the United States as the Federal Reserve decides on its latest interest rate hike.

This and more will feature in the forthcoming edition of the Cointelegraph Markets newsletter, released Jan. 30. Sign up to receive it free below.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.