Bitcoin (BTC) rose to core liquidity for the third time in January. The 29-week and monthly closes were approaching.
Bitcoin trader: $25,000 ‘in sight’
From history Cointelegraph Markets Pro and TradingView BTC/USD showed a brief overnight high of $24,498 on Bitstamp.
Although short-lived, the move marked the pair’s third attempt in recent days to take sell-side liquidity above $23,400.
In each case, the bulls appeared to lack the momentum to recover new support levels. At the time of writing, the status quo remained the same, with bitcoin trading at $23,250, just below liquidity.
Previous order book data from Binance loaded Material Indicators showed Twitter the firepower needed to neutralize the bears by monitoring the resource.
Since January 27, resistance has rallied at $23,200, $24,500 and $25,000, though the latter is on traders’ radar as a potential next target.
“The $25,000 target is in sight,” crypto confidante Tony he said Twitter followers in comments throughout the day.
Crypto Tony additionally expected a move higher in altcoins, with the overall cryptocurrency market price set for a retest of resistance above $1 trillion.
“I’m still looking for a decent upside over the next few weeks, BUT be cautious when the $1.2 – $1.33 trillion market cap starts to touch the resistance level. This is an important level and I expect strong resistance here.” he wrote where January 28.
Like others, Crypto Tony remained cautious on the longer term, leaving the door open for a new macro in Bitcoin and altcoins at some point in 2023.
Among them is a fellow commentator Il Capo of Crypto, who, one update day, he avoided technical analysis to say he remained “short and strong” BTC.
“An interesting week ahead,” I added.
Best January in a decade?
At current prices, BTC/USD was poised to close the week at its highest level since mid-August 2022.
Related: Bitcoin ‘very bullish’ at $23K as analyst reveals new BTC price metrics
Since the effects of the FTX crash are not reflected in the charts, January’s gains were 39.8% at the time of writing, the highest for Bitcoin. profitable Since January 2013.
In addition to the monthly close, next week will see new potential macroeconomic triggers from the US as the Federal Reserve decides on its latest rate hike.
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