Bitcoin achieves record-breaking monthly candle, printing its largest ever in USD at $20K

Bitcoin (BTC) has experienced significant gains in February but is still short of its all-time highs. However, the bulls have set a new record. Checkmate, the pseudonymous lead on-chain analyst at Glassnode, revealed a “remarkable” BTC price event on March 1. According to CoinGlass data, BTC/USD has delivered the biggest gains since December 2020, with a monthly close of 43.55% in February. In absolute terms, February had a monthly candle that reached nearly $20,000, making it the largest monthly USD increase in history. This is significant considering that $20,000 was an all-time high BTC price level that remained unbeaten for three years. BTC price “plunge protection” is centered around the $52,000 level. The monthly close had caused concern among market participants due to the potential volatility it could spark as it expired. However, Bitcoin’s order books lack substantial bid liquidity to act as support. The nearest potential safety net is at $59,000, according to the BTC/USDT order book liquidity on Binance. Material Indicators co-founder Keith Alan also revealed major changes in the order book composition, with bids moving up to $52,000. This change occurred after spot Bitcoin exchange-traded funds (ETFs) saw record net inflows in the latter half of last month. As of the time of writing, Bitcoin is trading at $61,600, and volatility has remained manageable after the monthly close. This article does not provide investment advice or recommendations and advises readers to conduct their own research before making any decisions.