Decentral Block Post

Bitcoin (BTC) starts a key week with a familiar cocktail of price spikes mixed with fear that the bear market will return.

After sealing its highest weekly close in almost six months, BTC/USD remains over 40% up year-to-date, with the monthly close just 48 hours away — can the gains hold?

Against all odds, Bitcoin has rallied beyond expectations this month, making January 2023 its best in a decade.

Throughout, concerns have called for an imminent comedown and even new macro BTC price lows as disbelief swept the market.

That grim turnaround has yet to come to fruition and the coming days could yet turn out to be a crucial period for Bitcoin’s long-term trend.

Bitcoin (BTC) has rallied nearly 40% so far in January, which is the best start to the year since 2013. The sharp up-move has turned several on-chain signals bullish, according to on-chain analyst Cole Garner.

Usually, a sharp recovery from the market lows, driven by the leader, is a sign that strong hands may be buying aggressively. That could be because traders believe the selling may have been overdone in the near term or they found the valuation to be attractive.

After the initial runup, a swift correction could be expected, which will shake out the weak hands. The next fall will also confirm whether Bitcoin has formed a bottom or not. If the low is confirmed, several altcoins may start to outperform Bitcoin in the near term.

Which altcoins are showing promise in the near term? Let’s study the charts of Bitcoin and select altcoins to see which could extend their up-move in the next few days.

BTC/USDT

Bitcoin has been trading above $22,800 since Jan. 25, which suggests that bulls are trying to flip the level into support.

Bitcoin (BTC) has rallied nearly 40% so far in January, which is the best start to the year since 2013. The sharp up-move has turned several on-chain signals bullish, according to on-chain analyst Cole Garner.

Usually, a sharp recovery from the market lows, driven by the leader, is a sign that strong hands may be buying aggressively. That could be because traders believe the selling may have been overdone in the near term or they found the valuation to be attractive.

After the initial runup, a swift correction could be expected, which will shake out the weak hands. The next fall will also confirm whether Bitcoin has formed a bottom or not. If the low is confirmed, several altcoins may start to outperform Bitcoin in the near term.

Which altcoins are showing promise in the near term? Let’s study the charts of Bitcoin and select altcoins to see which could extend their up-move in the next few days.

BTC/USDT

Bitcoin has been trading above $22,800 since Jan. 25, which suggests that bulls are trying to flip the level into support.

Bitcoin (BTC) spiked into key liquidity for a third time into Jan. 29 as the weekly and monthly closes loomed.

Trader on Bitcoin: $25,000 "in sight"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD briefly hitting $24,498 on Bitstamp overnight.

The move, although short lived, marked the pair's third such attempt to take sell-side liquidity above $23,400 in recent days.

In each instance, bulls appeared to lack momentum to reclaim new support levels, and at the time of writing, the status quo remained the same, with Bitcoin trading just below liquidity at $23,250.

Previous order book data from Binance uploaded to Twitter by monitoring resource Material Indicators demonstrated the firepower needed to neutralize bears.