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Bitcoin just generated a $20,000 monthly candlestick – the largest ever in terms of US dollars.

A historic moment in the cryptocurrency market! 馃殌馃搱 Bitcoin just generated the biggest monthly candle in history, reaching $20,000 – a record for US dollars. 馃捁馃挵 What does this mean for investors? 馃馃捇

Date: 2024-03-01 Author: Marek Stiller
Bitcoin just generated a $20,000 monthly candlestick – the largest ever in terms of US dollars.

Bitcoin still hasn’t reached historic highs after incredible gains in February, but bulls have already set a new record.

In a post on X (formerly Twitter) on March 1, Checkmate, the pseudonymous chief blockchain analyst at Glassnode, revealed an “unusual” BTC price event.

BTC price generates “unusual” monthly candle.

The end of the month of February on February 29 brought a clear victory for Bitcoin bulls.

According to data from CoinGlass, February delivered the largest gains for the BTC/USD pair since December 2020, reaching 43.55%.

However, if we look at it in absolute numbers, the situation is even more encouraging, Checkmate noted.

Referring to the monthly results along with data from Glassnode, he showed that February ended with a monthly candle almost $20 ,000 higher.

“Amazing… February 2024 printed a Bitcoin candle of $19 .84 thousand, the largest monthly increase ever in US dollars,” – he wrote in accompanying comments.

“This is an additional $390 billion to Bitcoin’s market capitalization…. An increase of a remarkable 47%.”

For context, $20,000 represented the highest-ever price level for BTC on its own – a level that, after emerging in December 2017, was not surpassed for three years. It took bitcoin most of a decade to get there.

The BTC price axed “downside protection” around $52,000.

As Cointelegraph reported, the end of the month was a source of anxiety among market participants.

Monthly candles can create volatility as they expire – a potential problem for Bitcoin in its current state, as order books lack significant liquidity from buyers to act as support.

A screenshot of BTC/USDT order book liquidity on the largest global exchange, Binance, published on X on Feb. 29 by trading news source Material Indicators, shows $59,000 as the closest potential support point.

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Continuing his analysis, Material Indicators co-founder Keith Alan additionally revealed significant changes in the composition of the order book at lower levels.

The entire order book, which previously appeared in the mid-$20,000 zone, as Cointelegraph reported, has been moved to the $52,000 level.

“In the last 24 hours, we saw the most significant change in the order book since January,” the company said – he concluded on X.

“The jump to $64,000 and the 49% month candle were not on anyone’s bingo card, nor was the lower shadow to $58,000 or the nearly $8 billion in BTCETF flows, which pushed the price much further than most of us expected.”

Alan referred to a key development in the second half of last month – the Bitcoin exchange-traded funds, or ETFs, which raised record net flows of funds.

Bitcoin was trading around $61,600 at the time of writing, and volatility remained at acceptable levels after the month ended, according to data from Cointelegraph Markets Pro and TradingView.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with 艁ukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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