Bitcoin (BTC) is still shy of reaching its all-time highs despite its impressive gains in February, but the bulls have already achieved a new milestone.
On Mar. 1, Checkmate, the anonymous lead on-chain analyst at Glassnode, shared a “remarkable” development in BTC’s price on X (formerly known as Twitter).
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The Monthly Candle for BTC Price is “Unreal” According to Experts
Bitcoin bulls have reason to celebrate as the February 29 monthly close resulted in a clear victory for them. With a 43.55% increase, February has seen the largest gains for BTC/USD since December 2020, as per data from CoinGlass.
But the numbers get even more impressive when looking at the absolute terms. Checkmate, a crypto expert, pointed out that the monthly performance, combined with data from Glassnode, shows a nearly $20,000 increase in the monthly candle.
“Unreal… The February 2024 candle shows a $19.84k increase in Bitcoin, the largest monthly USD increase in history,” Checkmate commented. This is significant as $20,000 was an all-time high for BTC price, which remained unbeaten for three years after reaching it in December 2017. It took almost a decade for Bitcoin to reach that level.
Bitcoin Plunge Protection Strategy Targets $52,000 Price Point
As previously reported by Cointelegraph, the end of each month has been a source of concern for traders in the cryptocurrency market.
The expiration of monthly candles can trigger volatility, which could pose a problem for Bitcoin’s current state as there is a lack of substantial buy orders to act as support.
A snapshot of the BTC/USDT order book on the largest global exchange, Binance, uploaded to X on February 29th by trading resource Material Indicators, reveals that $59,000 is the closest potential safety net.
In his own analysis, co-founder of Material Indicators, Keith Alan, also noted significant changes in the order book at lower levels.
Many bids that were previously placed in the mid-$20,000 range, as reported by Cointelegraph, have now been moved up to $52,000.
Alan summarized on X, “In the last 24 hours, we have seen the most significant shift in the order book since January.”
He referred to a major event that occurred in the latter half of last month – the record-breaking net inflow of spot Bitcoin exchange-traded funds (ETFs).
At the time of writing, Bitcoin is trading at $61,600, and volatility has remained manageable after the monthly close, according to data from Cointelegraph Markets Pro and TradingView.
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