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Bitcoin (BTC) surged into mainstream liquidity for the third time on January 29 as the weekly and monthly closes approached.
Traders on Bitcoin: $25,000 “in sight”
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD briefly hitting $24,498 on Bitstamp overnight.
Although short-lived, the move marked the pair’s third attempt to take sell-side liquidity above $23,400 in recent days.
In each instance, the bulls appear to have lacked the momentum to reclaim a new support level. At the time of writing, the status quo remains the same, with Bitcoin trading just under liquidity at $23,250.
Past order book data from Binance uploaded to Twitter by monitoring the resource Material Indicator indicating the firepower needed to neutralize the bear.
On January 27, resistances were stacked at $23,200, $24,500 and $25,000, with the latter still on traders’ radar as the next potential target.
“The $25,000 target is in sight,” confident Crypto Tony notified Twitter followers in comments on the day.
Crypto Tony also expects a move higher in altcoins, with the overall crypto market cap set for a retest of resistance above the $1 trillion mark.
“I’m still looking for a decent upside move over the next few weeks, BUT be careful as we start touching the $1.2 – $1.33 trillion market cap resistance level. This is a significant level and I expect strong resistance here,” he said write is Jan. 28.
Like the others, however, Crypto Tony remains cautious on longer timeframes, keeping the door open for a new macro low to emerge in Bitcoin and altcoins at some point in 2023.
Among them is fellow commentator Il Capo from Crypto, who is in a renew on the day, eschewing technical analysis to suggest that he remains BTC “short and strong”.
“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 since mid-August 2022.
Related: Bitcoin is ‘very bullish’ at $23K as analysts reveal new BTC price metrics
With the consequence of the FTX crash being absent from the charts, January gains stood at 39.8% at the time of writing, Bitcoin’s most profitable January since 2013.
In addition to the monthly close, the coming week will see the potential for a new macroeconomic trigger from the United States as the Federal Reserve decides on its latest interest rate hike.
This and more will be featured in the upcoming issue of Cointelegraph Markets newsletter, released January 30. Sign up to receive it free below.
The views, thoughts and opinions expressed here are those of the authors themselves and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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