Bitcoin eyes $25,000 as BTC price nears best weekly close in 5 months
Bitcoin (BTC) surged to key liquidity for the third time on January 29 as the weekly and monthly bars approached.
Bitcoin trader: $25,000 “in sight”
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD briefly touched $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 case, bulls appeared to lack the momentum to regain new support levels. At the time of writing, the status quo remained the same, with Bitcoin trading just below liquidity at $23,250.
Previous order book data from Binance uploaded to Twitter by monitoring resource Material indicators demonstrated the firepower needed to neutralize bears.
As of January 27, resistance was stacked at $23,200, $24,500 and $25,000, with the latter still on the trader’s radar as a potential next target.
“$25,000 goal in sight,” a confident Crypto Tony told Twitter followers in comments on the day.
Crypto Tony additionally expected a move higher on altcoins, with the total crypto market capitalization set for a retest of resistance above $1 trillion.
“I’m still looking for a decent move to the upside in the next few weeks, BUT be cautious as we start to press the $1.2-$1.33 trillion resistance level. This is a significant level and I expect strong resistance here,” he wrote is Jan. 28.
Like others, however, Crypto Tony remained cautious on longer time frames, keeping the door open for a new macro low to appear on Bitcoin and altcoins at some point in 2023.
Among them is co-commentator Il Capo from Crypto, who in one Update on the day eschewed technical analysis to say he remained “short and strong” BTC.
“Interesting week ahead,” he added.
Best January in a decade?
At today’s prices, BTC/USD looked set to end the week at its highest levels since mid-August 2022.
Related: Bitcoin ‘so bullish’ at $23K as analyst reveals new BTC price readings
With the fallout from the FTX meltdown absent from the charts, January gains were 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 new potential macroeconomic triggers from the US as the Federal Reserve decides on its latest interest rate hike.
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