Bitcoin bulls achieve remarkable gains as February 2024 closes with the largest monthly USD increase in history, adding $390B to the market cap.

Bitcoin (BTC) continues to fall short of its all-time highs despite its remarkable gains throughout February, yet bulls have achieved a new milestone.

According to a post on X (formerly Twitter) on Mar. 1, Checkmate, the pseudonymous lead on-chain analyst at Glassnode, highlighted a "noteworthy" BTC price development.

BTC price experiences an "extraordinary" monthly candle

The conclusion of February marked a decisive victory for Bitcoin bulls.

With a surge of 43.55%, data from CoinGlass indicates that February witnessed the most significant gains for BTC/USD since December 2020.

However, the absolute figures paint an even more optimistic picture, as Checkmate pointed out.

Referring to monthly performance alongside Glassnode data, he highlighted that February produced a monthly candle nearly $20,000 higher.

"Incredible... Feb 2024 saw a $19.84k Bitcoin candle, marking the largest monthly USD increase in history," he remarked in accompanying comments.

"This resulted in a $390B addition to the Bitcoin market cap... A remarkable surge of 47%."

For perspective, $20,000 represented an all-time high BTC price level in itself — a milestone that remained untouched for three years after its appearance in December 2017. It took Bitcoin nearly a decade to reach that point.

BTC price "plunge protection" centers around $52,000

As reported by Cointelegraph, the monthly closure had instilled anxiety among market participants.

Monthly candles have the potential to induce volatility upon expiration — a concern for Bitcoin given the current lack of substantial bid liquidity in the order books to serve as support.

A snapshot of BTC/USDT order book liquidity on the largest global exchange, Binance, shared on X on Feb. 29 by trading resource Material Indicators, indicates $59,000 as the nearest potential safety net.

Expanding on his analysis, Material Indicators co-founder Keith Alan also noted significant changes in order book composition at lower levels.

As reported by Cointelegraph, a multitude of bids that previously resided in the mid-$20,000 zone have shifted up to $52,000.

"Over the last 24 hours, we've witnessed the most substantial change in the order book since January," he summarized on X.

"A surge to $64k and a 49% Monthly candle wasn't anticipated by anyone, nor was the wick down to $58k or the nearly $8B in BTCETF inflows that propelled the price well beyond $60k, as most of us predicted."

Alan referred to a significant event in the latter part of last month — the spot Bitcoin exchange-traded funds, or ETFs, witnessing record net inflows.

Bitcoin was trading at $61,600 at the time of writing, with volatility remaining manageable after the monthly closure, according to data from Cointelegraph Markets Pro and TradingView.

This article does not provide investment advice or recommendations. All investment and trading decisions carry risks, and readers should conduct their own research before making a decision.