Bitcoin (BTC) spiked into key liquidity for a third time on Jan. 29 as the weekly and monthly 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 showed BTC/USD briefly hitting $24,498 on Bitstamp overnight.
Although short-lived, the move marked the pair’s third attempt to take sell-side liquidity above $23,400 in recent days.
In each instance, bulls appeared to lack momentum to reclaim new support levels. 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: Material Indicators/ Twitter
Previous order book data from Binance uploaded to Twitter by monitoring resource Material Indicators demonstrated the firepower needed to neutralize bears.
As of Jan. 27, resistance was stacked 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 comments on the day.
BTC/USD annotated chart. Source: Crypto Tony/ Twitter
Crypto Tony additionally expected a move higher on altcoins, with the overall crypto market cap set for a retest of resistance above the $1 trillion mark.
“I am still looking for a decent move up over the next few weeks, BUT Be cautious when we begin tapping the $1.2 – $1.33 trillion market cap resistance level. This is a significant level and I expect strong resistance here,” he wrote on Jan. 28.
Total crypto market cap annotated chart. Source: Crypto Tony/ Twitter
Like others, however, Crypto Tony remained cautious on longer timeframes, keeping the door open for a new macro low to appear on Bitcoin and altcoins at some point in 2023.
Among them is fellow commentator Il Capo of Crypto, who, in an update on the day, avoided technical analysis to state that he remained “short and strong” 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…