Bitcoin Prints $20k Monthly Candlestick – Biggest Ever in USD
Bitcoin (BTC) is just short of all-time highs after its impressive February gains, but the bulls have already set a new record.
In a post on X (formerly Twitter) on March 1st, Glassnode's fake chain analyst Checkmate revealed a “surprising” BTC price event.
BTC price monthly candle offers “unreal”.
The February 29 monthly close sealed a clear victory for Bitcoin bulls.
At 43.55%, February marked the biggest gain for BTC/USD since December 2020, according to data from CoinGlass.
In absolute terms, however, the picture is more encouraging, notes Checkmate.
Citing monthly performance alongside Glassnode data, February showed that the monthly candle yielded nearly $20,000.
“Unreal…Feb 2024 Bitcoin Publishes $19.84k Candle, Largest Monthly US Dollar In History”.
“This adds $390B to Bitcoin's market cap… an impressive 47% increase.”
For context, $20,000 by itself created an all-time high for BTC price – which remained unbeaten for three years after its appearance in December 2017. It took Bitcoin more than a decade to get there.
The price of BTC “plan protection” centers on $52,000
As Cointelegraph reported, the monthly shutdown was a source of outrage among market participants.
Related: Despite the 23% gain, Bitcoin options traders are still not bullish
Monthly candles can create volatility when they expire – a problem for bitcoin in its current state, as the order book doesn't have significant bidding liquidity to act as support.
The order book for BTC/USDT on the largest global exchange Binance shows a close potential safety net of $59,000, which was pegged to X on Feb. 29 trading material indicators.
Continuing with his own analysis, Keith Allan, founder of Materials Indicators, also pointed to major changes in book composition at lower levels.
According to Cointelegraph, the auction bid, which was previously seen in the mid-$20,000 range, was taken to $52,000.
“In the last 24 hours, we have seen a significant change in the order book since January,” he summed up at X.
“Up to $64k and a 49% monthly candle wasn't on anyone's bingo card, nor did #BTCETF earnings drop to $58k or close to $8B which pushed prices above $60k more than most of us expected.”
Allen mentioned a key event in the middle of last month – Bitcoin exchange-traded funds, or FFAs, were recording net income.
Bitcoin traded at $61,600 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
