Bitcoin gains 47% in February, posting strongest monthly candle in USD terms

Author: William Suberg, CoinTelegraph; Compiled by: Deng Tong, Golden Finance

After achieving incredible gains in February, Bitcoin is still far from its all-time highs, but bulls have A new record was set.

Checkmate, the anonymous lead on-chain analyst at Glassnode, disclosed a “spectacular” BTC price event in a post on X (formerly Twitter) on March 1.

BTC Price Provides 'Unrealistic' Monthly Candlestick

Monthly Close on February 29 Prices deliver a clear win for Bitcoin bulls.

According to data from CoinGlass, BTC rose 43.55% against the US dollar in February, the largest gain since December 2020.

BTC/USD monthly returns (screenshot). Source: CoinGlass

In absolute terms, however, the picture is more encouraging, Checkmate noted.

Referring to the monthly performance and Glassnode data, he said the monthly candle in February reached a high of nearly $20,000.

"Unreal...February 2024 produced a $19.84K Bitcoin candle, the largest monthly dollar gain in history," he wrote in an accompanying comment.

“This increased the market capitalization of Bitcoin by US$390 billion...a 47% increase.”

Bitcoin monthly closing data . Source: Checkmate/ defeat. It took Bitcoin ten years to reach this goal.

BTC price “plunge protection” set at $52,000

According to Cointelegraph, the monthly closing price has been is a source of anxiety for market participants.

Monthly candles can trigger volatility upon expiration - which could be a problem for Bitcoin in its current state, as the order book lacks significant bid liquidity to back it up.

Trading resource Material Indicators uploaded a snapshot of BTC/USDT order book liquidity at the world’s largest exchange, Binance, to X on February 29, showing that $59,000 was the nearest potential safe price.

Binance’s BTC/USDT order book liquidity. Source: Material Indicators /

A large number of bids that previously appeared in the mid-$20,000 area have reportedly risen to $52,000.

“In the last 24 hours we have seen the most significant change in the order book since January,” he concluded on X .

“A price crash to $64,000 and a 49% rise in monthly candles will not be on anyone’s bingo card, nor will a drop to $58,000 or a BTC ETF inflow of nearly 80 Billion dollar situation, these factors pushed the price to $60,000, far higher than most of us expected."

Allen mentioned a key event late last month - Spot Bitcoin exchange-traded funds (ETFs) saw record net inflows.

As of this writing, Bitcoin is trading at $61,600, with volatility remaining manageable after the monthly close, according to data from Cointelegraph Markets Pro and TradingView.

BTC/USD 1-month chart. Source: TradingView