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

bitcoin (BTCCore liquidity rose for the third time on January 29 as the weekly and monthly closes approached.

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

Bitcoin Trader: $25,000 “On the Horizon”

information from Cointelegraph Markets Pro And TradingView BTC/USD showed a brief reach to $24,498 on Bitstamp overnight.

Although this move was short-lived, it was the pair’s third attempt to take sell-side liquidity above $23,400 in recent days.

In each case, the bulls seemed to lack the momentum to regain new support levels. At the time of writing, the status quo remains, with Bitcoin trading just under liquidity at $23,250.

BTC/USD order book data (Binance). Source: Material Indicators / Twitter

Previous order book data from Binance uploading has been done To Twitter By observing resources, physical indicators showed the firepower needed to neutralize the bears.

As of January 27, resistances were stacked at $23,200, $24,500, and $25,000, with the latter remaining on traders’ radar as a possible next target.

“$25,000 target on the horizon,” Crypto Tony is confident Tell Twitter followers in today’s comments.

Annotated BTC/USD chart. Source: Crypto Tony / Twitter

Crypto Tony also predicted a rally in altcoins, with the total market cap of cryptocurrencies set to retest resistance above the $1 trillion mark.

“I’m still looking for a nice move higher over the next few weeks, but be careful as we start to take advantage of the $1.2-$1.33 trillion market cap resistance level. This is an important level and I would expect strong resistance here.” books it is january. 28.

Illustration of the total market cap of cryptocurrencies. Source: Crypto Tony / Twitter

However, like others, Crypto Tony remained dovish on the longer timeframes, keeping the door open for another big drop for Bitcoin and altcoins sometime in 2023.

Among them is a fellow commentator Il Capo from Crypto, which, in to update On the day, he sidestepped the technical analysis to say that Bitcoin’s shadow was “short and strong.”

“An interesting week ahead,” he added.

Best January in a decade?

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

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

Absent from the charts, the fallout from the FTX crash, January’s gain is 39.8% at the time of writing, the most for Bitcoin. profitable January since 2013.

Monthly Bitcoin revenue data (screenshot). Source: Coinglass

In addition to the monthly close, next week will see possible new macroeconomic stimulus from the US as the Federal Reserve decides to raise its latest interest rate.

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The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.