Bitcoin (BTC) hovered around $23,000 on Feb. 1 after sealing its best January performance in 10 years.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

End of Bitcoin bear market is “default view”

Data from Cointelegraph Markets Pro and TradingView confirmed a monthly close of around $23,100 for BTC/USD — its highest since July 2022.

The largest cryptocurrency finished the first month of the year up 39.6%, according to statistics from Coinglass.

BTC/USD monthly returns comparison (screenshot). Source: Coinglass

The impressive performance emboldened bulls, many of whom had kept the faith despite mass misgivings from more conservative market participants.

“Bitcoin closes with a Monthly swing low,” trader, entrepreneur and investor Bob Loukas reacted.