With its worth rising to $60,000 during the last day, February has turned out to be fairly the bullish month for the Bitcoin price. Based on data from Coinglass, this inexperienced month has seen the emergence of the second most worthwhile February within the historical past of Bitcoin.
February Brings Glad Tidings For Bitcoin
The efficiency of Bitcoin in February has led to a extremely profitable inexperienced month, and the perfect February for the cryptocurrency in over a decade. Taking a look at information from Coinglass, it reveals the price of Bitcoin is up round 39% this month. In comparison with the efficiency of Bitcoin in the identical month within the final 10 years.
February 2013 nonetheless holds the report for the very best return, with a 61.77% return for the month. Then, in February 2021, the month-to-month returns would attain 36.78%, which was the second-highest till February 2024. Nonetheless, ending in inexperienced for February isn’t out of the extraordinary because the month has seen extra inexperienced closes in comparison with purple since Bitcoin was launched.
BTC month-to-month returns | Supply: Coinglass
Trying on the historic efficiency of years when February closed out in inexperienced, it might paint an image of the place the price of Bitcoin is headed subsequent. Going again to 2013, the outperformance in February carried on into March, which outperformed February by a mile. March 2013 ended with a 172.76% return, and the entire of that 12 months was characterised by a powerful efficiency from Bitcoin.
Then once more, in 2021 when the month of February ended with excessive returns, it carried on into the month of March as nicely, ending with a 20.84% return. Utilizing the development from each of those months, which proceeded by February, closing with excessive returns, it might level to a continuation of the bull rally from right here.
Not All Glad Tidings For BTC In March
Whereas the months of February ending on a excessive be aware for Bitcoin have seen an equally bullish month of March observe, it isn’t at all times the case. For instance, between the years 2015 and 2019, February closed within the inexperienced for every one. Nonetheless, solely in 2019 did the rally proceed in March, whereas the remaining all noticed BTC’s worth decline in various levels.
Nonetheless, it appears the efficiency in February does have a bearing on how issues do end up in March. For the months which have been adopted by a decline in worth, the development is that the higher Bitcoin performed in February, the higher it held up in March.
Between 2015 and 2017, the months of February ended with a mean shut of +20%, whereas the very best drawdown within the subsequent month was 9%. However when the month of February ended with meager positive aspects of 0.47% in February, the month of March that adopted noticed Bitcoin decline 32.85%.
So, whereas there’s a risk that March might find yourself being a purple month for Bitcoin, its outperformance in February might function a cushion to offer the value a softer touchdown.
BTC worth breaks above $60,000 | Supply: BTCUSD on Tradingview.com
Featured picture from Peakpx, chart from Tradingview.com
