Bitcoin

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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) is still short of all-time highs after its incredible February gains, but bulls have already set a new record.
In a <a href="https://twitter.com/_Checkmatey_/status/1763401698918515003/photo/1" target="_blank" rel="noopener nofollow">post</a> on X (formerly Twitter) on Mar. 1, Checkmate, the pseudonymous lead on-chain analyst at Glassnode, revealed a “remarkable” BTC price event.
<h2 id="btc-price-supplies-unreal-monthly-candle">BTC price supplies “unreal” monthly candle</h2>
The Feb. 29 monthly close sealed a clear win for Bitcoin bulls. 
At 43.55%, per data from <a href="https://www.coinglass.com/today" target="_blank" rel="noopener nofollow">CoinGlass</a>, February has delivered the biggest gains for BTC/USD since December 2020.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/792e4653-ffef-4ce1-a4b0-e613438c9071.png" alt="" title="">
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 BTC/USD monthly returns (screenshot). Source: CoinGlass
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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.
<blockquote data-ct-non-breakable="true">
 “This added $390B to the Bitcoin market cap... Up a remarkable 47%.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/03a25671-c8c5-4a3b-98f9-a46539174a7e.png" alt="" title="">
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 Bitcoin monthly close data. Source: Checkmate/X
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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.
<h2 id="btc-price-plunge-protection-centers-on-52-000">BTC price “plunge protection” centers on $52,000</h2>
As Cointelegraph reported, the monthly close had been a <a href="https://cointelegraph.com/news/pre-halving-top-soon-5-things-bitcoin-this-week">source of angst</a> among market participants.
Related:&nbsp;<a href="https://cointelegraph.com/news/despite-23-percent-gains-bitcoin-options-traders-still-not-bullish">Despite 23% gains, Bitcoin options traders still not bullish</a>
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 <a href="https://twitter.com/MI_Algos/status/1763211122520318167/photo/1" target="_blank" rel="noopener nofollow">snapshot</a> 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.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/30f65fed-8af8-4e96-8ac7-5abb00ace186.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT order book liquidity for Binance. Source: Material Indicators/X
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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&nbsp;<a href="https://cointelegraph.com/news/btc-price-new-february-high-bitcoin-target-25k">Cointelegraph reported</a>, 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.
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
Alan referred to a key event in the latter half of last month — the spot Bitcoin exchange-traded funds, or ETFs, raking in <a href="https://cointelegraph.com/news/bitcoin-price-holds-above-62k-as-etfs-see-record-volumes">record net inflows</a>.
Bitcoin traded at $61,600 at the time of writing, with volatility staying manageable after the monthly close, per data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a>.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/177af0ec-c4c8-46b5-b26a-4a23db3cd3e2.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-month chart. Source: TradingView
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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.

Bitcoin just printed a $20K monthly candle — Its biggest ever in USD

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