Bitcoin eyes $25K as BTC price nears best weekly close in 5 months

Bitcoin (BTC) spiked into key liquidity for a 3rd time on Jan. 29 because the weekly and month-to-month closes loomed.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Dealer on Bitcoin: $25,000 “in sight”

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD briefly hitting $24,498 on Bitstamp in a single day.

Though short-lived, the transfer marked the pair’s third try to take sell-side liquidity above $23,400 in current days.

In every occasion, bulls appeared to lack momentum to reclaim new help ranges. On the time of writing, the established order remained the identical, with Bitcoin buying and selling just under liquidity at $23,250.

BTC/USD order e book knowledge (Binance). Supply: Materials Indicators/ Twitter

Earlier order e book knowledge from Binance uploaded to Twitter by monitoring useful resource Materials Indicators demonstrated the firepower wanted to neutralize bears.

As of Jan. 27, resistance was stacked at $23,200, $24,500 and $25,000, with the latter nonetheless nonetheless on merchants’ radar as a possible subsequent goal.

“$25,000 goal in sight,” a assured Crypto Tony told Twitter followers in feedback on the day.

BTC/USD annotated chart. Supply: Crypto Tony/ Twitter

Crypto Tony moreover anticipated a transfer increased on altcoins, with the general crypto market cap set for a retest of resistance above the $1 trillion mark.

“I’m nonetheless in search of an honest transfer up over the following few weeks, BUT Be cautious once we start tapping the $1.2 – $1.33 trillion market cap resistance stage. It is a important stage and I count on sturdy resistance right here,” he wrote on Jan. 28.

Whole crypto market cap annotated chart. Supply: Crypto Tony/ Twitter

Like others, nevertheless, Crypto Tony remained cautious on longer timeframes, protecting the door open for a brand new macro low to look on Bitcoin and altcoins sooner or later in 2023. 

Amongst them is fellow commentator Il Capo of Crypto, who, in an update on the day, averted technical evaluation to state that he remained “quick and robust” BTC.

“Attention-grabbing week forward,” he added.

Greatest January in a decade?

At present costs, BTC/USD appeared set to shut the week at its highest ranges since mid-August 2022.

Associated: Bitcoin ‘so bullish’ at $23K as analyst reveals new BTC price metrics

With the ramifications of the FTX meltdown absent from the charts, January gains stood at 39.8% at the time of writing, Bitcoin’s most profitable January since 2013.

Bitcoin monthly returns data (screenshot). Source: Coinglass

In addition to the monthly close, the coming week will see new potential macroeconomic triggers from the United States as the Federal Reserve decides on its latest interest rate hike.

This and more will feature in the forthcoming edition of the Cointelegraph Markets newsletter, released Jan. 30. Sign up to receive it free below.

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