Bitcoin has its sights set on $25,000 as BTC price nears best weekly close in 5 months

Bitcoin eyes $25K as BTC price nears best weekly close in 5 months
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Bitcoin (Bitcoin) climbed into key liquidity for the third time on Jan. 1. 29 as the weekly and monthly closures loomed.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Traders on Bitcoin: $25,000 “in sight”

Data from Cointelegraph Markets Pro and trading view showed BTC/USD briefly touching $24,498 overnight on Bitstamp.

Though short-lived, the move marked the pair’s third attempt to push liquidity on the sell side above $23,400 in the past few days.

In any case, the bulls seemed to lack the momentum to reclaim new support levels. At the time of writing, the status quo remained unchanged, with Bitcoin trading just below liquidity at $23,250.

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

Binance previous order book data uploaded on Twitter by monitoring resource material indicators showed the firepower required to neutralize bears.

As of Jan. On the 27th of February, resistance stood at $23,200, $24,500 and $25,000, although the latter is still on traders’ radars as a potential next target.

“$25,000 target in sight,” a confident Crypto Tony told Twitter followers in comments that day.

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

Crypto Tony additionally anticipated bullishness in altcoins, with the total crypto market cap set for a retest of resistance above the $1 trillion mark.

“Still looking for some decent upside over the next few weeks BUT be careful as we start to unlock the $1.2-$1.33 trillion market cap resistance level. This is a significant level and I expect strong resistance here,” he said wrote he Jan 28

Total crypto market cap annotated chart. Source: Crypto Tony/Twitter

However, like others, Crypto Tony remained cautious on longer timeframes, keeping the door open for a new macro bottom that would appear in Bitcoin and altcoins sometime in 2023.

Among them is a fellow commentator Il Capo by Crypto, who in one To update avoided technical analysis that day to note that it remained “short and strong” BTC.

“Interesting week ahead,” he added.

The best January in ten years?

At current prices, BTC/USD appeared to end the week at its highest level since mid-August 2022.

Related: Bitcoin ‘so bullish’ at $23,000 as analyst reveals new BTC price metrics

With the impact of the FTX meltdown absent from the charts, January gains are 39.8% at the time of writing, bitcoin’s highest profitable January since 2013.

Monthly bitcoin return dates (screenshot). Source: coin jar

In addition to the monthly close, there will be new potential macroeconomic triggers from the United States in the coming week as the Federal Reserve announces its recent rate hike.

This and more will be featured in the upcoming edition of the Cointelegraph Markets newsletter, to be released on January 1st. 30. Sign up below to get it for free.

The views, thoughts, and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.