Bitcoin (BTC) may not have reached all-time highs after its impressive gains in February, but the cryptocurrency has already established a new record. According to Checkmate, the lead on-chain analyst at Glassnode, a significant BTC price event occurred last month, marking a notable achievement for Bitcoin bulls.
The monthly close on February 29 witnessed Bitcoin sealing a substantial win, posting the biggest gains for BTC/USD since December 2020. With a 43.55% increase, as reported by CoinGlass, February's performance has been the most impressive in over two years.
In absolute terms, the achievement is even more significant. Checkmate pointed out that February saw a monthly candle reaching nearly $20,000 in height, the largest monthly USD increase in Bitcoin's history. This remarkable surge added approximately $390 billion to Bitcoin's market cap, translating to a 47% increase.
For context, reaching a $20,000 price level was a milestone that, after first appearing in December 2017, remained unmatched for three years. It took nearly a decade for Bitcoin to achieve this feat.
BTC Price Stability and Order Book Analysis
Despite the excitement surrounding the monthly close, concerns about potential volatility due to thin order book liquidity have been prevalent among market participants. A snapshot of BTC/USDT order book liquidity on Binance indicated $59,000 as a potential support level.
Further analysis by Keith Alan, co-founder of Material Indicators, revealed significant shifts in order book composition at lower price levels. Notably, a large number of bids previously positioned in the mid-$20,000 range have moved up to $52,000, suggesting a new foundation for price support.
