Bitcoin has its sights set on $25,000 as BTC price nears best weekly close in 5 months

Bitcoin (BTC) surged into key liquidity for a third time on Jan. 29 as weekly and monthly closes loomed.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Traders on Bitcoin: $25,000 “in sight”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD briefly hit $24,498 on Bitstamp overnight.

While short-lived, the move marked the pair’s third attempt to push liquidity on the sell side above $23,400 in the past few days.

In any case, the bulls appeared to lack the momentum to reclaim new support levels and as of this writing, the status quo remains the same with Bitcoin trading just below liquidity at $23,250.

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

Previous Binance order book data, uploaded to Twitter by monitoring resource material indicators, showed the firepower required to neutralize bears.

On January 27th, resistance stood at $23,200, $24,500 and $25,000, with the latter nonetheless still on traders’ radars as a potential next target.

“$25,000 target on the horizon,” a confident Crypto Tony told Twitter followers in a segment of comments that day.

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

Crypto Tony also anticipated bullishness in altcoins, with the total crypto market cap set for a retest of resistance above the $1 trillion mark.

“Still looking for a decent uptrend over the next few weeks BUT be careful as we start tapping the $1.2-$1.33 trillion market cap resistance level May 28th.

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

However, like others, Crypto Tony remained cautious on longer timeframes, keeping the door open for a new macro bottom that would appear in Bitcoin and altcoins sometime in 2023.

Among them is fellow Crypto commentator Il Capo, who eschewed technical analysis to explain that he remained “short and strong” on BTC in an update earlier today.

“Interesting week ahead,” he added.

The best January in ten years?

At current prices, BTC/USD appeared to end the week at its highest level since mid-August.

Related: Bitcoin ‘so bullish’ at $23,000 as analyst reveals new BTC price metrics

With the impact of the FTX meltdown missing from the charts, January gains are 39.8% at the time of writing, Bitcoin’s most profitable January since 2013.

Monthly bitcoin return dates (screenshot). Source: coin jar

In addition to the monthly close, there will be new potential macroeconomic triggers from the United States in the coming week as the Federal Reserve announces its recent rate hike.

This and more will be covered in the upcoming issue of Cointelegraph Markets newsletter, to be released on January 30th. Sign up below to get it for free.

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

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers