Bitcoin (BTC<\/a>) rose toward new multi-month highs on Jan. 20 as analysis predicted a new trading range above $18,000.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD testing but preserving support at $21,000.<\/p>\n The pair edged higher at the Wall Street open, in line with United States equities as the third trading week of an explosive January drew to an end.<\/p>\n Despite misgivings over the rally\u2019s fundamental strength, Bitcoin continued to avoid significant corrections, with exchange order book analysis revealing $23,000 as the next big resistance zone to crack.<\/p>\n \u201cI view the lack of BTC liquidity below $18k and above $23k as a lack of sentiment for those levels at this time,\u201d on-chain monitoring resource Material Indicators wrote<\/a> in part of commentary about the Binance order book setup. <\/p>\n \u201cNothing changes sentiment like price moving through support or resistance, but for now, the trading range is well defined.\u201d<\/p><\/blockquote>\n An accompanying chart also revealed significant bid support in place at just above the psychologically significant $20,000 mark.<\/p>\n In terms of short-term targets, popular trader and analyst Crypto Ed hoped for a trip to $21,500 before a turnaround with a downside target of $19,800.<\/p>\n \u201cI still believe that we will get there, and maybe we are already on our way over there,\u201d he said in a YouTube update<\/a> on the day.<\/p>\n The area around $21,400 was equally important for fellow trader CJ, who told<\/a> Twitter followers that this would be a suitable place to \u201ctag longs.\u201d<\/p>\n Zooming out, others focused on continued impressive moves by safe haven gold, which had hit a new nine-month high on Jan. 19.<\/p>\n Related:\u00a0Bitcoin can pass $30K before setting new bear market low \u2014 forecast<\/a><\/em><\/strong><\/p>\n In a Twitter debate<\/a>, analysts eyed a potential continued game of catch-up between gold and Bitcoin, which researcher and data analyst James V. Straten argued had been a \u201cmirror image\u201d of each other in 2022.<\/p>\n \u201cMy bet BTC closes that gap soon,\u201d he said<\/a> while discussing the market implications of Federal Reserve policy. <\/p>\n Straten added that BTC\/USD had already \u201cretraced the entire FTX collapse and approaching the end of the narrative for DCG,\u201d referring to ongoing problems<\/a> for crypto finance conglomerate, Digital Currency Group.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/f02b6298-3b3f-494b-aa21-e205a3988d75.png\")
Bitcoin price range “well defined”<\/h2>\n
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Analyst: Bitcoin should “close gap” with gold<\/h2>\n
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