Bitcoin Prints God Candle, Explained by BTC On-Chain Metrics

The undeniable success of Bitcoin ETFs infused a landmark rally, proudly portrayed in the Glorious God Candle.

Woman looking up at an the angelic like hands holding bitcoin with a gold halo.
Created by Kornelija Poderskytė from DailyCoin
  • Bitcoin breaches $63,000 to trade just under 4% from all-time high.
  • 2024 BTC trading patterns produced the Highest God Candle ever.
  • 100% of current Bitcoin holders are making a profit at $66K.

Bitcoin’s (BTC) latest price movement resembles Q1 of 2021 when the king crypto paved the way for its all-time high (ATH) of $69,044.77 in November later that year. Scoring God Candles in February and October, the leading digital asset gained 36% and 26% per month, respectively.

The third and latest God Candle even outshines the iconic run of 2021. In February 2024, Bitcoin scored a 27.25% upswing to rise to $63,999, a 3-year high after starting February with $42,580. This signifies an over $20,000 uptick in 30 days, the Greatest God Candle of all time, outweighing 2021 October’s God Candle by $2.5K.

After this, Bitcoin maintained the bullish momentum and today reached the daily heights of $66,353.63 after inking 6.6% further gains.

Bitcoin Completes Triangle Breakout: Where to Next?

Naturally, many crypto enthusiasts on X are eager to witness Bitcoin recording a new all-time high before its halving. Others project a continuing upswing if Bitcoin’s price movement replicates the 2021 bull rally. According to the BTC Archive, Bitcoin could set its eyes on $213,000 if BTC manages to set a new all-time high.

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Crypto analysts believe the BTC price surge is tied to the high demand in derivatives trading. According to Emperor BTC, $3.87 billion of Open Interest (OI) volume has been added since Bitcoin broke out above the $52,000 price range.

In a bearish scenario, Bitcoin has a strong support cluster around the $55,000 price range. Meanwhile, crypto bears saw $72.55 million in short-position liquidations over the past 24 hours. According to CoinGlass, OKX traders are most bearish about Bitcoin, with a 0.95 long versus short position ratio. By popular demand, BTC’s Open Interest (OI) rate towered to $31.22B, 11.41% more than a day ago.

On the Flipside

  • Other on-chain signals like network growth and large transactions remain bearish despite crypto bulls dominating the Spot market.
  • To illustrate, buying bids for the top digital asset skyrocketed by 118.36% to claim $4.17B, while pending sells sharply dropped by 36% to $1.97B.

Why This Matters

Gaining institutional adoption, the Bitcoin ETF-inspired surge is going down in the history books for approaching its all-time high after a three-year hiatus.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.