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Bitcoin (BTC) may not have reached all-time highs after its impressive gains in February, but the cryptocurrency has already established a new record. According to Checkmate, the lead on-chain analyst at Glassnode, a significant BTC price event occurred last month, marking a notable achievement for Bitcoin bulls.
The monthly close on February 29 witnessed <a href="https://crypto.ro/en/cryptocurrencies/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> sealing a substantial win, posting the biggest gains for BTC/USD since December 2020. With a 43.55% increase, as reported by <a href="https://www.coinglass.com/today" rel="noopener noreferrer nofollow" target="_blank">CoinGlass</a>, February’s performance has been the most impressive in over two years.
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-03/792e4653-ffef-4ce1-a4b0-e613438c9071.png" alt="792e4653 ffef 4ce1 a4b0 e613438c9071" title="Bitcoin Sets New Record with Largest Monthly Candle in History 3">
In absolute terms, the achievement is even more significant. Checkmate pointed out that February saw a monthly candle reaching nearly $20,000 in height, the largest monthly USD increase in Bitcoin’s history. This remarkable surge added approximately $390 billion to Bitcoin’s market cap, translating to a 47% increase.
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-03/03a25671-c8c5-4a3b-98f9-a46539174a7e.png" alt="03a25671 c8c5 4a3b 98f9 a46539174a7e" title="Bitcoin Sets New Record with Largest Monthly Candle in History 4">
For context, reaching a $20,000 price level was a milestone that, after first appearing in December 2017, remained unmatched for three years. It took nearly a decade for Bitcoin to achieve this feat.
<h4>BTC Price Stability and Order Book Analysis</h4>
Despite the excitement surrounding the monthly close, concerns about potential volatility due to thin order book liquidity have been prevalent among market participants. A snapshot of BTC/USDT order book liquidity on Binance indicated $59,000 as a potential support level.
Further analysis by Keith Alan, co-founder of Material Indicators, revealed significant shifts in order book composition at lower price levels. Notably, a large number of bids previously positioned in the mid-$20,000 range have moved up to $52,000, suggesting a new foundation for price support.

Bitcoin Sets New Record with Largest Monthly Candle in History

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