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Dead cat bounce? Bitcoin price nears $23,000 in fresh 5-month high

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Bitcoin (BTC) took a swing at $23,000 into Jan. 21 as Asia buyers drove fresh market strength.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bid liquidity causes suspicion

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD battling bears to reach $22,790 on Bitstamp overnight — its highest since August.

With new multi-month peaks coming in quick succession despite fears of a major correction, Bitcoin continued to surprise as traders cleared the way for more upside.

As noted by intraday trader Skew, Asia was leading the way into the weekend, with sellside pressure from market makers being absorbed on exchanges.

“Another rally driven by asia bid. TWAP buyers absorbing the sell pressure from MMs. Large spot bid lifting offers & ask wall pulled prior to another short squeeze,” Skew commented on a composite chart.

BTC/USD annotated charts. Source: Skew/ Twitter

On-chain analytics resource Material Indicators meanwhile flagged ask liquidity being removed on Binance the day prior, this allowing Bitcoin’s initial run beyond the $22,000 mark.

“Volatility…

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