Bitcoin (BTC) rose toward new multi-month highs on Jan. 20 as analysis predicted a new trading range above $18,000.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin price range “well defined”
The pair edged higher at the Wall Street open, in line with United States equities as the third trading week of an explosive January drew to an end.
Despite misgivings over the rally’s fundamental strength, Bitcoin continued to avoid significant corrections, with exchange order book analysis revealing $23,000 as the next big resistance zone to crack.
“I view the lack of BTC liquidity below $18k and above $23k as a lack of sentiment for those levels at this time,” on-chain monitoring resource Material Indicators wrote