Bitcoin (BTC) is still short of all-time highs after its incredible February gains, but bulls have already set a new record.
In a post on X (formerly Twitter) on Mar. 1, Checkmate, the pseudonymous lead on-chain analyst at Glassnode, revealed a “remarkable” BTC price event.
BTC price supplies “unreal” monthly candle
The Feb. 29 monthly close sealed a clear win for Bitcoin bulls.
At 43.55%, per data from CoinGlass, February has delivered the biggest gains for BTC/USD since December 2020.
In absolute terms, however, the picture is even more encouraging, Checkmate noted.
Referring to monthly performance alongside Glassnode data, he showed that February resulted in a monthly candle nearly $20,000 high.
“Unreal...Feb 2024 printed a $19.84k Bitcoin candle, the largest monthly USD increase in history,” he wrote in accompanying comments.
“This added $390B to the Bitcoin market cap... Up a remarkable 47%.”
For context, $20,000 formed an all-time high BTC price level in itself — one that, after appearing in December 2017, remained unbeaten for three years. It took Bitcoin most of a decade to get there.
BTC price “plunge protection” centers on $52,000
As Cointelegraph reported, the monthly close had been a source of angst among market participants.
Related: Despite 23% gains, Bitcoin options traders still not bullish
Monthly candles can spark volatility as they expire — potentially a problem for Bitcoin in its current state, as order books lack substantial bid liquidity to act as support.
A snapshot of BTC/USDT order book liquidity on the largest global exchange, Binance, uploaded to X on Feb. 29 by trading resource Material Indicators shows $59,000 as the nearest potential safety net.
Continuing in his own analysis, Material Indicators co-founder Keith Alan additionally revealed major changes in order book composition at lower levels.
A raft of bids, which had previously appeared in the mid-$20,000 zone, as Cointelegraph reported, has been moved up to $52,000.
“In the last 24 hours we’ve seen the most significant change in the order book since January,” he summarized on X.
“A rip to $64k and a 49% Monthly candle wasn’t on anybody’s bingo card, neither was wick down to $58k or nearly $8B in BTCETF inflows that pushed price much further beyond $60k than most of us expected.”
Alan referred to a key event in the latter half of last month — the spot Bitcoin exchange-traded funds, or ETFs, raking in record net inflows.
Bitcoin traded at $61,600 at the time of writing, with volatility staying manageable after the monthly close, per data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
