Bitcoin Closes Biggest Monthly Candle Post in History
Bitcoin 
BTC
-0.47%
We’re on track to end February with nearly $20,000 in profits since the start of the month.
This is the digital asset’s largest monthly gain in US dollar terms, according to data from Coingecko. As shown on the candlestick price chart, Bitcoin’s February green candle is approaching the $20,000 level, specifically registering at $19,976 as of 10:42 AM ET.
In second place is the October 2021 monthly candle, which reached $17,978. The third position will remain until February of the same year and will cost $15,467 in length.
Investors and analysts often use candlestick charts to analyze price movements and trends in financial markets.
February Bitcoin green candle is expected to be the largest to date. Image: CoinGecko.
The digital asset price surge came as U.S. spot Bitcoin exchange-traded funds (ETFs) recorded a record net inflow of $673.4 million on Wednesday, surpassing the previous high of $655.2 million set on its launch date of January 11. It has surpassed .
BlackRock’s IBIT Spot Bitcoin ETF dominated flows, adding $612.1 million, the highest inflow to date, according to data from BitMEX Research.
According to Jasper De Maere, head of research at Outlier Ventures, the rise in Bitcoin’s price comes as selling pressure from Grayscale’s converted GBTC fund decreases. “This makes February an active month for institutional Bitcoin purchases. Throughout February, we regularly saw $500 million flowing into Bitcoin ETFs,” De Maere told The Block. .
Analysts expect Bitcoin’s upward trend to continue due to a combination of institutional adoption, a supportive macroeconomic environment, and expectations of innovation in the Bitcoin ecosystem. “We expect Bitcoin price action to be positive in the medium term over the coming months,” De Maere said.
Helio CEO Stijn Paumen emphasized that the current Bitcoin price is 8% below the all-time high of $68,000 reached in November 2021. “There are two months left until the halving begins and Bitcoin is close to all-time highs,” Paumen told The Block.
The largest digital asset by market cap is up more than 3% in the past 24 hours, trading at $63,000 at 10:56 a.m. ET, according to The Block’s pricing page. The GM 30 index, which represents the top 30 cryptocurrencies, rose 4.79% to 133.45 over the past 24 hours.
The price of Bitcoin surpassed $63,000 on Thursday. Image: Block.
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