Bitcoin eyes $25,000 as BTC price nears best weekly close in 5 months

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Bitcoin (BTC) hit key liquidity for the third time on Jan. 29 as weekly and monthly closes loomed.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingViewTrader on Bitcoin: $25,000 “in sight”

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

The move, while short-lived, marked the pair’s third such attempt to lift sell-side liquidity above $23,400 in recent days.

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

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

Previous Binance order book data uploaded to Twitter while monitoring Material Indicators resources demonstrated the firepower needed to neutralize the bears.

As of January 27, resistance was at $23,200, $24,500, and $25,000, with the latter nonetheless still on traders’ radar as a potential next target.

“$25,000 target in sight,” a confident Crypto Tony told Twitter followers in part of the day’s comments.

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

Crypto Tony also expected a rally in altcoins, with the overall crypto market cap set for another stress test above the $1 trillion mark.

“I’m still looking for a decent rise over the next few weeks BUT be careful as we start to exploit the $1.2-1.33 trillion market cap resistance level. This is a significant level and I’m ‘expect heavy resistance here,’ he wrote on Jan. 28.

Annotated graph of the total crypto market capitalization. Source: Crypto Tony/Twitter

Like others, however, Crypto Tony has remained cautious on longer timeframes, keeping the door open for a new macro weak to appear on Bitcoin and altcoins sometime in 2023.

Among them is fellow Crypto commentator Il Capo, who in an update today eschewed technical analysis to state that he remains “short and strong” for BTC.

“An interesting week ahead,” he added.

Best January in a decade?

At current prices, BTC/USD is expected to end the week at its highest levels since mid-August.

Related:Bitcoin So Bullish at $23,000 as Analyst Reveals New BTC Price Metrics

With the ramifications of the FTX collapse missing 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 week ahead will see further potential macro triggers from the US as the Federal Reserve decides on its latest interest rate hike.

This and more will be featured in the next edition 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 the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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