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

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 as the weekly and month-to-month closes loomed.

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

Trader on Bitcoin: $25,000 “in sight”

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

Although 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. At the time of writing, the established order remained the identical, with Bitcoin buying and selling just under liquidity at $23,250.

BTC/USD order ebook information (Binance). Source: Material Indicators/ Twitter

Previous order ebook information from Binance uploaded to Twitter by monitoring useful resource Material 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. Source: Crypto Tony/ Twitter

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

“I’m nonetheless on the lookout for an honest transfer up over the subsequent few weeks, BUT Be cautious once we start tapping the $1.2 – $1.33 trillion market cap resistance stage. This is a big stage and I anticipate sturdy resistance right here,” he wrote on Jan. 28.

Total crypto market cap annotated chart. Source: Crypto Tony/ Twitter

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

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

“Interesting week ahead,” he added.

Best January in a decade?

At current prices, BTC/USD looked set to close the week at its highest levels since mid-August 2022.

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

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

Bitcoin month-to-month returns information (screenshot). Source: Coinglass

In addition to the month-to-month close, the approaching week will see new potential macroeconomic triggers from the United States as the Federal Reserve decides on its newest rate of interest hike.

This and extra will characteristic in the forthcoming version of the Cointelegraph Markets publication, launched Jan. 30. Sign as much as obtain it free under.

The views, ideas and opinions expressed listed below are the authors’ alone and don’t essentially mirror or signify the views and opinions of Cointelegraph.