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

1 year ago

Bitcoin (BTC) spiked into cardinal liquidity for a 3rd clip into Jan. 29 arsenic the play and monthly closes loomed.

Trader connected Bitcoin: $25,000 "in sight"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD concisely hitting $24,498 connected Bitstamp overnight.

The move, though abbreviated lived, marked the pair's 3rd specified effort to instrumentality sell-side liquidity supra $23,400 successful caller days.

In each instance, bulls appeared to deficiency momentum to reclaim caller enactment levels, and astatine the clip of writing, the presumption quo remained the same, with Bitcoin trading conscionable beneath liquidity astatine $23,250.

Previous bid publication information from Binance uploaded to Twitter by monitoring assets Material Indicators demonstrated the firepower needed to neutralize bears.

As of Jan. 27, absorption was stacked astatine $23,200, $24,500 and $25,000, with the second nevertheless inactive connected traders' radar arsenic a imaginable adjacent target.

"$25,000 people successful sight," a assured Crypto Tony told Twitter followers successful portion of comments connected the day.

Crypto Tony additionally expected a determination higher connected altcoins, with the wide crypto marketplace headdress acceptable for a retest of absorption supra the $1 trillion mark.

"I americium inactive looking for a decent determination up implicit the adjacent fewer weeks, BUT Be cautious erstwhile we statesman tapping the $1.2 - $1.33 trillion marketplace headdress absorption level. This is simply a important level and I expect beardown absorption here," helium wrote connected Jan. 28.

Like others, however, Crypto Tony remained cautious connected longer timeframes, keeping the doorway unfastened for a caller macro debased to look connected Bitcoin and altcoins astatine immoderate constituent successful 2023.

Among them is chap commentator Il Capo of Crypto, who successful an update connected the time avoided method investigation to authorities that helium remained "short and strong" BTC.

"Interesting week ahead," helium added.

Best January successful a decade?

At existent prices, BTC/USD looked acceptable to adjacent the week astatine its highest levels since mid-August.

With the ramifications of the FTX meltdown absent from the charts, January gains stood astatine 39.8% astatine the clip of writing, Bitcoin's most profitable January since 2013.

In summation to the monthly close, the coming week volition spot caller imaginable macroeconomic triggers from the United States arsenic the Federal Reserve decides connected its latest involvement complaint hike.

This and much volition diagnostic successful the forthcoming variation of the Cointelegraph Markets newsletter, released Jan. 30. Sign up to person it escaped below.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

View source