Bitcoin has not only seen a significant surge in February but has also managed to reach a new milestone. Glassnode analyst Checkmate reported an extraordinary event in Bitcoin’s market behavior, with the February close showing a definitive win for Bitcoin enthusiasts. This victory has been further highlighted by the record-breaking performance of the BTC/USD pair, which saw its most considerable increase since December 2020.
Historic Gains for Bitcoin
Data from CoinGlass, a blockchain analytics platform, revealed that Bitcoin enjoyed a staggering 43.55% rise in February, the largest since the end of 2020. Checkmate emphasized the significance of this growth by noting that the month concluded with an almost $20,000 upswing in Bitcoin’s value. This increase alone equated to the cryptocurrency‘s highest price point that had stood unchallenged for three years since its first appearance in December 2017, taking Bitcoin a decade to hit such a landmark.
Analysis Reveals Market Resilience
The close of the monthly candle often brings volatility to Bitcoin’s pricing, with current liquidity in bid orders potentially posing challenges. However, an immediate look at the order book for the BTC/USDT pair on Binance indicated that $59,000 could offer substantial support. Material Indicators’ co-founder Keith Alan pointed out the most significant shift in order book dynamics since January, with recent entries into BTCETFs pushing the price beyond the anticipated $60,000 mark.
Alan highlighted the unexpected rise to $64,000 with a monthly increase of 49%. The influx into Bitcoin ETFs in the latter half of the month marked notable levels of net entries. Bitcoin’s price hovered around $62,030 with manageable volatility following the monthly close, as per data from TradingView.
The Bitcoin market’s robust performance and resilience continue to surprise observers, with the latest figures suggesting a bullish trend for the cryptocurrency’s future.