26.01.2023 01:51 PM
Bitcoin breaks above $23k again: can the asset reach $25k this week?

As soon as the main cryptocurrency exhibits weakness, talk about the beginning of a correction movement begins. Technical and network parameters clearly indicate that Bitcoin market is overheated. But as soon as the asset strengthens the bullish trend, there is talk about reaching $25k.

The last two days have been volatile for Bitcoin, which is largely due to the publication of financial statements by the world's largest companies. One of the latest catalysts for volatility in the crypto market was the news that Tesla was not selling its remaining BTC holdings, which was taken as a bullish signal.

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Another positive signal for the bulls was the gradual change in the policy of mining companies. With the price of BTC hitting $23k, miners' income increased, which reduced the volume of cryptocurrency sales. As of January 26, the miner capitulation rate is at a three-year low.

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At the same time, Glassnode analysts note that profit-taking moods remain, and the further movement of the Bitcoin price will depend on them. The same miners sold more than 5,600 BTC with a profit. If investors continue to sell assets en masse, this will mean that the market is not ready for a further price rally.

BTC/USD Analysis

After a local failure and increased selling pressure, Bitcoin managed to accumulate strength and make an impulse movement. As a result, the bulls managed to absorb all the bearish volume and test a new price high at $23.8k.

The cryptocurrency continues its upward movement, maintaining large volumes of purchases, which indicates the predominance of purchases over sales. This, in turn, indicates investors' faith in Bitcoin's continued growth.

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Despite a solid upside move, the bears managed to absorb all the bullish volume around the $24k level. Subsequently, the sellers seized the initiative and managed to push the price back to $23k, where consolidation continues.

Given the growing bullish sentiment and the gradual end of the profit-taking period, buyers may resume the upward movement. The nearest targets for the bulls will be $23.8k, $24k, and $24.5k, but it is important to take into account the local overheating of the asset.

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Excessive bullish activity could trigger a pullback of BTC quotes below $29.9k. This is a key level at the current stage of the price movement, since it is here that the 0.382 Fibo level passes, as well as the downward trend line. It is extremely important for Bitcoin to gain a foothold above the $29.9k mark at the end of the current trading day.


Bitcoin maintains its bullish fervor and updates local price highs. This is facilitated by the upward movement of the SPX index, as well as a decrease in demand for profit taking. It is also important to note that more than $1.5 billion in short positions have been liquidated in the last few weeks.

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This indicates that the market is partly growing on the skepticism of a part of the audience. In the near future, the indicator will finally level off, and Bitcoin will need a new stimulus for growth. The next stage of accumulation with a medium-term perspective will allow the coin to reach the $28k–$30k level.

However, investors have yet to prove their commitment to this price movement scenario. That's why the key levels for the bulls in the coming days will be the $24k level and area of $24.5k–$25k. And for bears, the $22.9k level and the area of $22.5k–$22.8k.

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