2024

Secure

Bitcoin

Material

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-bulls-secure-a-new-record-high/" data-wpel-link="internal">Bitcoin Bulls Secure a New Record High</a> 
<a href="https://coin-turk.com/dunya-devi-jp-morgandan-blockchain-adimi" data-wpel-link="internal">Bitcoin</a>, despite its incredible rise in February, has yet to reach its all-time high, but bulls have already set a new record. Glassnode analyst Checkmate shared in a post on March 1st that a notable event occurred in <a href="https://en.coin-turk.com/bitcoins-potential-rise-amidst-halving-and-coinbase-transfers/" data-wpel-link="internal">Bitcoin</a> prices. The monthly close on February 29 indicated a clear victory for Bitcoin bulls. 
<h2 class="p1" style="text-align: justify" id="bitcoin-s-insatiable-appetite-for-records">Bitcoin’s Insatiable Appetite for Records</h2> 
According to data from blockchain data analysis platform CoinGlass, February marked the largest gain for the <a href="https://coin-turk.com/piyasa-yonunu-yeniden-yukari-cevirdi-bitcoin-30-000-dolar-seviyelerine-yaklasti-yukselisler-devam-edecek-mi" data-wpel-link="internal">BTC</a>/USD pair since December 2020, with a 43.55% increase. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-321639 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-veri.webp" alt="" width="1362" height="747"> 
Checkmate, stated that the overall picture is even more encouraging. Referring to Glassnode data and monthly performance, Checkmate pointed out that February ended with nearly a $20,000 monthly candle and added the following: 
<blockquote> 
 “February 2024 means a Bitcoin candle with the largest monthly USD increase in history, amounting to $19,840. This added $390 billion to Bitcoin’s market value and represented an extraordinary 47% increase.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-321640 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-aylik-veri.jpg" alt="" width="1919" height="843"> 
In this context, $20,000 alone constitutes the all-time highest Bitcoin price level, which remained unbeaten for three years after emerging in December 2017. It took Bitcoin ten years to reach that point. 
<h2 class="p1" style="text-align: justify" id="prominent-analyst-shares-noteworthy-comments">Prominent Analyst Shares Noteworthy Comments</h2> 
As monthly candles close, they can cause volatility in Bitcoin prices. The current situation poses a potential problem for Bitcoin as order books lack significant bid liquidity that would act as support. An instant snapshot of the order book liquidity for the <a href="https://en.coin-turk.com/experts-current-cryptocurrency-predictions-bitcoin-27600-dollars/" data-wpel-link="internal">BTC</a>/<a href="https://coin-turk.com/son-dakika-binance-sistemindeki-usdt-hatasi-turk-yatirimcinin-isine-yaradi-fark-yuzde-5" data-wpel-link="internal">USDT</a> pair on the world’s largest exchange <a href="https://en.coin-turk.com/exciting-development-for-binance-a-global-first/" data-wpel-link="internal">Binance</a>, uploaded by trade source Material Indicators on February 29, shows $59,000 as the nearest potential safety net. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-321637 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/btcusdt-emir-defteri.jpg" alt="" width="1497" height="926"> 
Continuing his analysis, Keith Alan, co-founder of Material Indicators, also revealed significant changes in order book data at lower levels and stated: 
<blockquote> 
 “In the last 24 hours, we’ve seen the most significant change in the order book since January. A rise up to $64,000 and a 49% monthly candle was beyond anyone’s imagination, and there was no sign of approximately $8 billion in BTCETF entries that pushed the price much higher than most of us expected, beyond $60,000.” 
</blockquote> 
Alan referred to a significant event in the second half of last month: record levels of net inflows into spot Bitcoin exchange-traded funds or ETFs. According to data from TradingView, Bitcoin was trading at $62,030 at the time of writing this article, and volatility remained manageable after the monthly close. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-bulls-secure-a-new-record-high/" data-wpel-link="internal">Bitcoin Bulls Secure a New Record High</a></h5>

Bitcoin Bulls Secure a New Record High

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