Bitcoin bulls have everything to play for as the weekly and monthly closes decide what could be Bitcoin’s best January in ten years.
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Bitcoin (BTC) spiked into key liquidity for a third time on Jan. 29 as the weekly and monthly closes loomed.
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.
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.
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.
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.
At current prices, BTC/USD looked set to close the week at its highest levels since mid-August 2022.
Related: Bitcoin ‘so bullish’ at $23K as analyst reveals new BTC price metrics
With the ramifications of the FTX meltdown absent from the charts, January gains stood at 39.8% at the time of writing, Bitcoin’s most profitable January since 2013.
In addition to the monthly close, the coming week will see new potential macroeconomic triggers from the United States as the Federal Reserve decides on its latest interest rate hike.
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The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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