Bitcoin Achieves Record-Breaking Monthly Candle at $20K, Surpassing All Previous USD Gains

Bitcoin (BTC) has fallen short of its all-time highs despite its impressive gains in February. However, bulls have already achieved a new record, according to Checkmate, the pseudonymous lead on-chain analyst at Glassnode. In a recent post on X, Checkmate revealed a “remarkable” BTC price event. The monthly close on February 29 confirmed a clear victory for Bitcoin bulls. With a 43.55% gain, February has delivered the largest gains for BTC/USD since December 2020, according to CoinGlass data. Checkmate further emphasized that in absolute terms, the monthly performance was even more impressive, as February saw a monthly candle that reached nearly $20,000. This is the largest monthly increase in USD in Bitcoin’s history. To put this into context, $20,000 was an all-time high for BTC back in December 2017, and it remained unbeaten for three years. However, it is worth noting that Bitcoin took almost a decade to reach that level. The monthly close had caused anxiety among market participants due to the potential for volatility as monthly candles expire. This could be problematic for Bitcoin, as there is a lack of substantial bid liquidity in the order books to act as support. The order book liquidity snapshot for BTC/USDT on Binance showed $59,000 as the nearest potential safety net. Keith Alan, co-founder of Material Indicators, also noted significant changes in the order book composition, with bids moving up to $52,000. This shift occurred after spot Bitcoin exchange-traded funds (ETFs) saw record net inflows in the latter half of last month. As of now, Bitcoin is trading at $61,600 with manageable volatility after the monthly close. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.