The closure of February's trading marked a significant milestone for Bitcoin. The month concluded with a 43.55% increase, the most substantial rise since December 2020, according to CoinGlass statistics.

However, Checkmate pointed out that the real success story is the scale of the monthly increase. February saw a record-setting monthly candle growth of nearly $20,000 in Bitcoin's value, contributing an additional $390 billion to Bitcoin's market cap, marking an astonishing 47% increase.

Market participants had been anxious about February's monthly close, concerned about potential volatility and the absence of significant support in order books. Material Indicators provided a snapshot showing $59,000 as the nearest support level on Binance.

Material Indicators' co-founder, Keith Alan, noted a significant shift in order book dynamics, with major bids formerly at mid-$20,000 levels now raised to $52,000. This adjustment reflects the market's response to unexpected events, including the recent influx of nearly $8 billion into Bitcoin ETFs, which propelled Bitcoin's price beyond expectations.