Bitcoin Sets New Record with Substantial February Rise, Reaching $20,000 High Monthly Candle
Summary:
Despite not hitting recent peaks, Bitcoin (BTC) has set new records with its substantial February rise. Bitcoin supporters witnessed an almost $20,000 high monthly candle, as revealed by Checkmate, Glassnode's lead on-chain analyst. The BTC price increase has added $390 billion to the Bitcoin market cap, leading to a remarkable growth of 47%. With Bitcoin trading at $61,600, analysts noted significant changes in the order book, with major bid developments now at the $52,000 level.
Despite Bitcoin's (BTC) recent lack of attainment of all-time peaks following its impressive surge in February, the cryptocurrency's advocates have nevertheless established a fresh landmark. On March 1, Checkmate, an on-chain analyst pseudonymously leading Glassnode, made public an astonishing BTC price occurrence on platform X, which was formerly known as Twitter.
According to the information derived from CoinGlass, the closing of February referred to an undisputed triumph for Bitcoin supporters, bringing about a 43.55% elevation in gains for BTC/USD, marking the largest increase since last December.
However, Checkmate observed that the scenario is considerably more optimistic when considering the absolute terms. Alongside Glassnode information, Checkmate linked February to a monthly candle almost $20,000 high. He expressed in additional comments, “February 2024 printed a Bitcoin candle of $19.84k, the largest monthly USD elevation in history. This has brought an addition of $390B to the Bitcoin market cap... An astonishing rise of 47%."
To provide background, the level of $20,000 marked the highest BTC price peak itself, an achievement that remained unmatched for three years following its emergence in December 2017. Bitcoin occupied most of a decade to reach this point.
As previously reported by Cointelegraph, the monthly closing led to an apprehension amongst market players. Monthly candles can trigger volatility as they meet their expiration, potentially posing a dilemma for Bitcoin in its current phase, considering the lack of considerable bid liquidity in order books to serve as backup.
Material Indicators released a snapshot of BTC/USDT order book liquidity for the world's largest exchange, Binance, on X on Feb 29, indicating $59,000 as the possible nearest safety net. Furthermore, Keith Alan, the co-founder of Material Indicators, unveiled significant alterations in the order book structure at lower levels.
According to Alan, "In the past 24 hours, we’ve witnessed the most substantial order book alteration since January. A leap to $64k and a 49% Monthly candle were not on anybody's agenda, along with the plunge to $58k or the almost $8B inflow in #BTCETF that thrust the price much beyond the anticipated $60k threshold."
Bitcoin was trading at $61,600 at the time of penning down this report, with manageable volatility following the monthly close, as per records from Cointelegraph Markets Pro and TradingView. This article doesn’t provide investment counsel or recommendations. Every investing and trading action carries risk and readers must do their own examination when deciding.
Published At
3/1/2024 9:50:23 AM
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