Bitcoin (BTC) hit key liquidity for the third time until January 29 as the weekly and monthly closes loomed.
Bitcoin Trader: $25,000 “On Demand”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD briefly reaching $24,498 on Bitstamp overnight.
The move, albeit short-lived, marked the pair’s third attempt to push sell-side liquidity above $23,400 in recent days.
In each case, the bulls seemed to lack momentum to reclaim new support levels, and as of this writing, the status quo remained the same, with Bitcoin trading just below liquidity at $23,250.
The previous data from the Binance order book uploaded to Twitter by monitoring indicators of resource materials demonstrated the firepower needed to neutralize the bears.
As of Jan. 27, resistance was building up at $23,200, $24,500, and $25,000, however the latter is still on traders’ radar as a potential next target.
“USD 25,000 target in sight”, said Crypto Tony confided to Twitter followers in part of the day’s comments.
Crypto Tony was also expecting a move higher in altcoins, with the total crypto market capitalization set for a new stress test above the $1 trillion mark.
“Still looking for a decent move over the next few weeks BUT watch out when we start to touch the $1.2 – $1.33 trillion market cap resistance level. This is a significant level and I expect strong resistance here,” wrote on January 28.
However, like others, Crypto Tony remained cautious on longer time frames, keeping the door open for a new macro low to appear in Bitcoin and altcoins sometime in 2023.
Among them is Crypto commentator Il Capo, who in a update of the day avoided technical analysis to assert that BTC was still “short and strong.”
“Interesting week ahead,” he added.
The best January in a decade?
At current prices, BTC/USD looked set to close out the week at its highest levels since mid-August.
With the ramifications of the FTX crash absent from the charts, January gains stood at 39.8% at time of writing, Bitcoin’s most profitable January since 2013.
In addition to the monthly close, next 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 appear in the next issue of the Cointelegraph Markets newsletter, published on January 30. Sign up to receive it for free below.
The views, thoughts and opinions expressed herein are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.