Bitcoin bulls have everything to play for as the weekly and monthly close out what could be Bitcoin’s best January in ten years.
Bitcoin
BTC
Ticker below
$24,063
On January 29, major liquidity rose a third with the appearance of a weekly monthly close.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView
Bitcoin traders: $25,000 “in sight”
Data from Cointelegraph Markets Pro and TradingView show that BTC/USD briefly hit $24,498 overnight on Bitstamp.
Although the move was short-lived, it was the pair’s third attempt in recent days to take on more than $23,400 in sell-side liquidity.
In every case, the bulls showed no momentum to regain new support levels. At the time of writing, the status quo remained the same, with bitcoin trading slightly below liquidity at $23,250.
BTC/USD Order Book Data (Binance). Source: Content Pointer/ Twitter
Binance’s monitoring resources and pre-order book data demonstrated the firepower needed to neutralize the bear by monitoring material indicators.
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As of January 27, resistance had stacked up at $23,200, $24,500, and $25,000, yet the latter is still on traders’ radars as possible next targets
The confident crypto Tony told his Twitter followers in a comment that day that $25,000 was in sight.
BTC/USD Annotated Chart. Source: Crypto Tony/ Twitter
Crypto Tony additionally expects further moves in altcoins, with the overall crypto market cap set to retest resistance above the $1 trillion mark
“We are still looking for a decent move in the next few weeks, but be wary when we start to tap the $1.2 – $1.33 trillion market cap resistance level. This is an important forum and I expect strong resistance here,” he said.
Total Crypto Market Cap Annotated Chart. Source: Crypto Tony/ Twitter
But like everyone else, Crypto Tony has long been cautious, opening the door to a new macro low in the Bitcoin altcoin at some point in 2023
That includes fellow crypto commentator Il Capo, who avoided technical analysis in an update that day, saying that this BTC remains “small and strong”.
“Interesting week ahead,” he added.
Best January in a decade?
At current prices, BTC/USD was set to end the week at its highest level since mid-August 2022.
Related: Bitcoin ‘so fast’ $23K as analysts reveal new BTC price benchmarks |
With the ramifications of the FTX meltdown absent from the chart, the gain was 39.8% in January at the time of writing, making it bitcoin’s most profitable January since 2013
Bitcoin returns monthly data (screenshots). Source: Coinglass
In addition to the monthly shutdown, next week will see new potential macroeconomic triggers from the United States, as the Federal Reserve decides to raise its latest interest rate.
This and more will appear in an upcoming edition of the Cointelegraph Markets newsletter, which will be published on January 30. Sign up to receive it for free below.
The views, opinions and opinions expressed herein are those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph
