Bitcoin
Although it could not break the all-time record in February, the appetite of the bulls led to new peaks in many statistics.
Glassnode's anonymous on-chain analyst named Checkmate described a "notable" event in the BTC price in a post on X (formerly Twitter) on March 1.
Big rise from Bitcoin on a monthly basis
With the monthly close on February 29, Bitcoin bulls scored a clear victory.
According to data from CoinGlass, in February
parity made its biggest increase since December 2020 with 43.55%.
Cointelegraph
Analyst Checkmate noted that the outlook is certainly more encouraging.
Citing monthly performance as well as Glassnode data, Checkmate revealed that Bitcoin rose by almost $20,000 in February.
“Unreal… February 2024 printed the $19.84k Bitcoin candle, the largest monthly USD increase in history,” Checkmate commented.
“This added $390 billion to Bitcoin market cap…a significant 47 percent increase.”
Cointelegraph
20 thousand dollars was once considered a historical record for the BTC price. Bitcoin, which reached 20 thousand dollars in December 2017, took about three years to exceed this level.
Bitcoin's airbag is at $52 thousand
As Cointelegraph previously reported, the monthly close was a source of concern among market participants.
Volatile movements may occur when monthly candle closes occur. This is a potential problem for Bitcoin in the current situation, as there is no significant bid liquidity on the order books to act as support.
According to data shared by market tracker Material Indicators on X on February 29, the largest crypto exchange is Binance.
A snapshot of order book liquidity shows $59,000 as the nearest support level.
Cointelegraph
Explaining his own analysis, Material Indicators co-founder Keith Alan revealed that there were major changes in order book composition at lower levels.
According to Cointelegraph, the order density, which was previously seen in the mid-$20,000s, rose to $52,000.
Alan summarized the situation from account X by saying, "In the last 24 hours, we have seen the most significant change in the order book since January."
"The move to 64 thousand dollars and the 49 percent monthly upward candle were not on anyone's mind. No one had calculated the price of Bitcoin suddenly dropping to 58 thousand dollars, the price being permanently above 60 thousand dollars, and the daily inflow to BTC ETFs approaching 8 billion dollars."
Glassnode analyst referred to the record inflows into spot Bitcoin exchange-traded funds (ETFs) in the second half of February.
Bitcoin is trading at $62,100 on the first day of March, according to Cointelegraph Markets Pro and TradingView data.
Explaining his own analysis, Material Indicators co-founder Keith Alan revealed that there were major changes in order book composition at lower levels.
