Bitcoin (BTC<\/a>) spiked into key liquidity for a third time on Jan. 29 as the weekly and monthly closes loomed.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD briefly hitting $24,498 on Bitstamp overnight.<\/p>\n Although short-lived, the move marked the pair\u2019s third attempt to take sell-side liquidity above $23,400 in recent days.<\/p>\n In each instance, bulls appeared to lack momentum to reclaim new support levels. At the time of writing, the status quo remained the same, with Bitcoin trading just below liquidity at $23,250.<\/p>\n Previous order book data from Binance uploaded<\/a> to Twitter by monitoring resource Material Indicators demonstrated the firepower needed to neutralize bears.<\/p>\n As of Jan. 27, resistance was stacked at $23,200, $24,500 and $25,000, with the latter nonetheless still on traders\u2019 radar as a potential next target.<\/p>\n \u201c$25,000 target in sight,\u201d a confident Crypto Tony told<\/a> Twitter followers in comments on the day.<\/p>\n Crypto Tony additionally expected a move higher on altcoins, with the overall crypto market cap set for a retest of resistance above the $1 trillion mark.<\/p>\n \u201cI am still looking for a decent move up over the next few weeks, BUT Be cautious when we begin tapping the $1.2 – $1.33 trillion market cap resistance level. This is a significant level and I expect strong resistance here,\u201d he wrote<\/a> on Jan. 28.<\/p>\n Like others, however, Crypto Tony remained cautious on longer timeframes, keeping the door open for a new macro low to appear on Bitcoin and altcoins at some point in 2023.\u00a0<\/p>\n Among them is fellow commentator<\/a> Il Capo of Crypto, who, in an update<\/a> on the day, avoided technical analysis to state that he remained \u201cshort and strong\u201d BTC.<\/p>\n \u201cInteresting week ahead,\u201d he added.<\/p>\n At current prices, BTC\/USD looked set to close the week at its highest levels since mid-August 2022.<\/p>\n Related:\u00a0Bitcoin \u2018so bullish\u2019 at $23K as analyst reveals new BTC price metrics<\/a><\/em><\/strong><\/p>\n With the ramifications of the FTX meltdown absent from the charts, January gains stood at 39.8% at the time of writing, Bitcoin\u2019s most profitable<\/a> January since 2013.<\/p>\n In addition to the monthly close, the coming week will see new potential macroeconomic triggers from the United States as the Federal Reserve decides on its latest interest rate hike.<\/p>\n This and more will feature in the forthcoming edition of the Cointelegraph Markets newsletter, released Jan. 30. Sign up to receive it free below.<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/ff304ffb-a5d5-4770-b701-0ab84db172af.png\")
Trader on Bitcoin: $25,000 \u201cin sight\u201d<\/h2>\n
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Best January in a decade?<\/h2>\n
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