Bitcoin (BTC) spiked to key liquidity for the third time on January 29 as a weekly and monthly close.
Trader in Bitcoin: $25,000 “in sight”
Data from Cointelegraph Markets Pro and TradingView show BTC/USD briefly hit $24,498 on Bitstamp overnight.
Although short-lived, the move marked the pair’s third attempt to capture liquidity selling above $23,400 in recent times.
In each case, the bulls seem to lack the momentum to capture new support levels. At the time of writing, the status quo remains the same, with Bitcoin trading just below liquidity at $23,250.
Previous order book data from Binance raised to Twitter by monitoring the source Material Indicator shows the firepower needed to neutralize the bear.
On January 27, resistance was stacked at $23,200, $24,500 and $25,000, with the latter still on traders’ radars as the next potential target.
“The target of $25,000 is visible,” Crypto Tony assured toward Twitter followers in the comments of the day.
Crypto Tony also expects a move higher in altcoins, with the overall crypto market cap set to retest resistance above the $1 trillion mark.
“I’m still looking for a good move in the next few weeks, but be careful when we start touching the market cap resistance level of $1.2 – $1.33 trillion. This is a significant level and I expect strong resistance here,” he said. write it’s Jan. 28.
However, like everyone else, Crypto Tony remains cautious about the longer term, leaving the door open for new macros to appear in Bitcoin and altcoins at some point in 2023.
Among them is fellow commentator Il Capo from Crypto, who, in update on the day, eschewing technical analysis to state that he remains “short and strong” BTC.
“An interesting week ahead,” he added.
Best January in a decade?
At current prices, BTC/USD looks set to close the week at its highest level since mid-August 2022.
related: Bitcoin ‘turns bullish’ on $23K as analysts reveal new BTC price metrics
With the consequences of the FTX meltdown off the charts, January’s gains are at 39.8% at the time of writing, the most profitable January for Bitcoin since 2013.
In addition to the monthly close, the coming week will see a new potential macroeconomic trigger from the United States as the Federal Reserve decides on its latest interest rate hike.
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