Bitcoin (BTC<\/a>) took a swing at $23,000 into Jan. 21 as Asia buyers drove fresh market strength.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD battling bears to reach $22,790 on Bitstamp overnight \u2014 its highest since August.<\/p>\n With new multi-month peaks coming in quick succession despite fears of a major correction, Bitcoin continued to surprise as traders cleared the way for more upside.<\/p>\n As noted by intraday trader Skew, Asia was leading the way into the weekend, with sellside pressure from market makers being absorbed on exchanges.<\/p>\n \u201cAnother rally driven by asia bid. TWAP buyers absorbing the sell pressure from MMs. Large spot bid lifting offers & ask wall pulled prior to another short squeeze,\u201d Skew commented<\/a> on a composite chart.<\/p>\n On-chain analytics resource Material Indicators meanwhile flagged<\/a> ask liquidity being removed on Binance the day prior, this allowing Bitcoin\u2019s initial run beyond the $22,000 mark.<\/p>\n \u201cVolatility continues. Don’t give it all back, be sure to take some profit along the way,\u201d it wrote<\/a> in part of a subsequent update.<\/p>\n As ever<\/a>, Bitcoin was far from above suspicion at its latest highs, with some familiar faces still urging traders to prepare for the worst.<\/p>\n \u201cThe bigger the pump, the harder BTC will fall down,\u201d analyst Toni Ghinea tweeted<\/a>, while Crypto Tony argued<\/a> that the entire move may be nothing more than a \u201cdead cat bounce.\u201d<\/p>\n \u201cRegardless if this is dead cat relief wave or a reversal on Bitcoin, it is great to see some optimism back in Crypto,\u201d he summarized.<\/p>\n Considering why further gains were coming after the end of the week\u2019s TradFi trading, one popular commentator additionally suggested that traders were being manipulative.<\/p>\n \u201cNo one who genuinely wants to buy and own crypto waits until the Friday close each week to execute,\u201d an update read<\/a>, adding that those buyers\u2019 \u201caim is clear.\u201d<\/p>\n Earlier in the week, Material Indicators had likewise warned<\/a> of \u201cchoreographed\u201d bidding on BTC.<\/p>\n Attention thus focused on the upcoming weekly close for BTC\/USD, which if current prices were to sustain would be its best since mid-August.<\/p>\n At the same time, Bitcoin looked to be about to print a so-called \u201cdeath cross\u201d on the weekly chart, with the descending 50WMA about to cross over the still-rising 200 WMA.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/75793768-ebb1-4355-93ce-3de8ce589288.png\")
Bid liquidity causes suspicion<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/c8b51363-5a6c-49c4-93ce-2763a5c08d41.png\")
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/dc7b0ebd-ec05-4920-a220-7dbb00ef441d.png\")
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/51080421-a9df-45ae-9d61-9fe0ab0060f9.png\")
Key moving average on the horizon<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/0a31806f-36fa-4fd1-943d-3516a2af575e.png\")