Bitcoin (BTC<\/a>) rose above $23,000 into the Jan. 31 Wall Street open as markets braced for a fresh macroeconomic reckoning.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD gaining around 1% in a single hourly candle before the start of trading, overcoming resistance in place overnight.<\/p>\n With hours to go until the monthly close, the pair remained around $800 short of its weekend highs<\/a>, which, at $23,950, marked Bitcoin\u2019s strongest performance since mid-2022.<\/p>\n Inspecting the status quo, however, traders were unconvinced that the largest cryptocurrency would produce further gains in February.<\/p>\n January had produced upside of over 40%, making it Bitcoin\u2019s best first month of the year since 2013.<\/p>\n \u201cAnother high up to $25,000 is the absolute best case for me on Bitcoin,\u201d popular trader Crypto Tony told<\/a> Twitter followers on the day. <\/p>\n He added that he expected a \u201cbearish February\u201d with price targets of $21,400 and even $19,000.<\/p>\n Crypto Tony also referenced the U.S. dollar, which spiked to two-week highs on the day to continue a four-day uptrend. The U.S. Dollar Index (DXY) is traditionally inversely correlated with crypto markets.<\/p>\n On that note, fellow trader and analyst Scott Melker, known as \u201cThe Wolf Of All Streets,\u201d focused on the weekly candle close of the S&P 500 after the index closed above its 50-week moving average for the first time since April last year.<\/p>\n \u201cSPY closed a weekly candle above the 50 MA for the first time since April. Currently testing it as support, with FOMC coming tomorrow and a volatile week likely. Watch the close on Friday,\u201d he tweeted<\/a> on the day.<\/p>\n Formal analysis from on-chain analytics firm Glassnode nonetheless steered clear of predictions for next month.<\/p>\n Related:\u00a0Best January since 2013? 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n In the latest edition of its weekly newsletter, \u201cThe Week On-Chain<\/a>,\u201d analysts focused on the significance of January as the month that Bitcoin came back to life.<\/p>\n \u201cAs the end of January approaches, Bitcoin markets have seen the strongest monthly price performance since Oct-2021, fueled by both historic spot demand, and a sequence of short squeezes, it summarized. <\/p>\n \u201cThis rally has brought a large portion of the market back into profit, and resulted in futures markets trading at a healthy contango. We also note that initial impulse of exchange outflows, in the aftermath of FTX have calmed to neutral, and are now balanced by newly motivated inflows.\u201d<\/p><\/blockquote>\n As Cointelegraph reported earlier, various sources believe that Bitcoin\u2019s rally is\u00a0already coming to an end<\/a>.<\/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\/6cbd56bd-0d10-4f1f-8bab-a794037496cc.png\")
Trader: $25,000 \u201cbest case\u201d for BTC\/USD<\/h2>\n
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Bitcoin evokes run-up to all-time highs<\/h2>\n