Bitcoin is eyeing $25K as BTC price approaches its best weekly close in 5 months

Bitcoin (BTC) reached significant liquidity for the third time on January 29 as weekly and monthly closes approached.

BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

Trader on Bitcoin: $25,000 “in sight”

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit $24,498 overnight on Bitstamp.

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

In any case, bulls seemed to have no momentum to regain new levels of support. At the time of writing, the status quo remained the same, with Bitcoin trading just below liquidity at $23,250.

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

Previous order book data from Binance uploaded to Twitter by tracking material indicators from sources demonstrated the firepower required to neutralize bears.

As of January 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.

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

Crypto Tony also expected a step higher on altcoins, with total crypto market cap above $1 trillion before another resistance test.

“I am still looking for a decent uptick in the coming weeks, BUT be careful as we begin to tap into the $1.2-$1.33 trillion market cap resistance level. This is a significant level and I expect strong resistance here,” he said wrote is Jan. 28.

Annotated chart for total crypto market cap. Source: Crypto Tony/Twitter

However, like others, Crypto Tony remained cautious about longer time frames, leaving the door open for a new macro to appear on Bitcoin and altcoins sometime in 2023.

Among them is fellow Crypto commentator Il Capo, who in a to update on the day, technical analysis avoided stating that he stayed “short and strong” BTC.

“Interesting week ahead,” he added.

Best January in a decade?

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

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

With the fallout from 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.

Bitcoin returns data monthly (screenshot). Source: Coinglass

In addition to the month-end close, new potential macroeconomic triggers will come out of the United States in the coming week as the Federal Reserve decides on its latest rate hike.

This and more will be covered in the upcoming edition of the Cointelegraph Markets Newsletter, released January 30. Sign up below to receive it for free.

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