With its price rising to $60,000 over the past day, February turned out to be quite a bullish month for the price of bitcoin. According data According to Coinglass, this green month has seen the second most profitable February in bitcoin history emerge.
February brings good news for bitcoin
bitcoin's performance in February has led to a blockbuster green month and the best February for the cryptocurrency in over a decade. Looking at data from Coinglass shows that the price of bitcoin is up around 39% this month. Compared to bitcoin's performance in the same month in the last 10 years.
February 2013 still holds the record for highest returns, with a return of 61.77% for the month. Then, in February 2021, monthly returns would reach 36.78%, which was the second highest until February 2024. However, ending in the green for February is not out of the ordinary, as the month has seen more closes in green compared to red from bitcoin. was released.
<img decoding="async" class="alignnone wp-image-284181 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Sees-Highest-February-Returns-in-11-Years-What39s-Next.png" alt="bitcoin Monthly Performance” width=”782″ height=”447″ srcset=”https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-28-at-15.17.28.png?w=2720 2720w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Sees-Highest-February-Returns-in-11-Years-What39s-Next.png 640w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-28-at-15.17.28.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-28-at-15.17.28.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-28-at-15.17.28.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-28-at-15.17.28.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-28-at-15.17.28.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot-2024-02-28-at-15.17.28.png?w=1140 1140w” sizes=”(max-width: 782px) 100vw, 782px” data-recalc-dims=”1″/>
btc monthly returns | Source: Coinglass
Looking at the historical performance of the years in which February closed in the green could give you an idea of where the price of bitcoin is headed next. Going back to 2013, February's outperformance continued into March, which outperformed February by a long shot. March 2013 ended with a return of 172.76% and that entire year was characterized by impressive bitcoin performance.
On the other hand, in 2021, when the month of February ended with high returns, it also continued until the month of March, ending with a return of 20.84%. Using the trend of both months, which continued in February and closed with high returns, could indicate a continuation of the bullish rally from here.
Not all good news for btc in March
While Februarys ending on a high note for bitcoin have followed an equally bullish March, this is not always the case. For example, between 2015 and 2019, February closed in green for each one. However, only in 2019 did the rally continue in March, while in the rest the price of btc decreased to varying degrees.
However, it seems that performance in February does influence how things will turn out in March. For months that were followed by a drop in price, the trend is that the better bitcoin performed in February, the better it held up in March.
Between 2015 and 2017, the months of February ended with an average close of +20%, while the highest drop in the following month was 9%. But when the month of February ended with meager gains of 0.47% in February, in the following March bitcoin fell 32.85%.
So while there is a chance that March could end up being a red month for bitcoin, its outperformance in February could serve as a cushion to give the price a softer landing.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/OIvCAa49/" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc price breaks above $60,000 | Source: BTCUSD on Tradingview.com
Featured image by Peakpx, chart by Tradingview.com
