Bitcoin awaits $25k as BTC price nears best weekly close in 5 months

Bitcoin eyes $25K as BTC price nears best weekly close in 5 months
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Bitcoin (BTC) rose to core liquidity for the third time in January. The 29-week and monthly closes were approaching.

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

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.

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

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.

BTC/USD chart. Source: Crypto Tony/Twitter

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.

Annotated graph of total cryptocurrency market cap. Source: Crypto Tony/Twitter

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.

Bitcoin returns monthly data (screenshot). Source: Coinglass

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.

This and more will be featured in the next edition of the Cointelegraph Markets newsletter in January. 30. Sign up below to get it for free.

The views, opinions and opinions expressed herein are solely those of the authors and do not reflect or represent the views and opinions of Cointelegraph.