Bitcoin is trading in a key range on Jan. 29 as the weekly and monthly closes loom.
$25,000 “near”
Data from Cointelegraph Markets Pro and TradingView show BTC/USD hit $24,498 on Bitstamp at one point.
Although brief, the move marked the third attempt to gain liquidity above $23,400 in recent days.
But in neither case did the bulls have the momentum to regain the new support level. At the time of writing, the situation remains unchanged, with Bitcoin trading near $23,250.
Binance’s previous orderbook data, uploaded to Twitter by price tracking account Material Indicators, showed the firepower needed to neutralize the bears.
As of Jan. 27, the resistance lines are accumulating at $23,200, $24,500 and $25,000, with $25,000 still on traders’ radars as the next target.
“The $25,000 target is in sight,” cryptocurrency analyst Crypto Tony tweeted.
“I still see movement in the coming weeks, and if you hit the $1.2 trillion to $1.33 trillion market cap resistance line, watch out. This is an important level. and I expect strong resistance here,” he tweeted Jan. 29.
However, like others, Crypto Tony remained cautious on the longer timeframe, citing the possibility of new macro lows for Bitcoin and altcoins at some point in 2023.
Best January of the last decade?
At current prices, BTC/USD is ending the week at its highest level since mid-August 2022.
The impact of the FTX bankruptcy has faded, with January gains at 39.8% at the time of writing, Bitcoin’s most profitable January since 2013.
In addition to the monthly chart, the Fed will decide on its latest rate hike next week, so macroeconomics could be another trigger.
