![Bitcoin passes $66k as liquidations surge and halving approaches](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/03/drawdown.png&w=70&h=37&q=75)
Quick Take
Bitcoin reached a year-to-date high of approximately $66,400 during European trading hours.
![Bitcoin Price (Source: TradingView)](https://cryptoslate.com/wp-content/uploads/2024/03/bitcoin-price.jpg)
This resurgence brings Bitcoin within 8% of its all-time fiat value high of around $69,000, reached back in November 2021 (around 844 days ago). However, the journey upward has not been devoid of turbulence.
![Price Drawdown from ATH: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/03/drawdown.png)
Recent data from Coinglass reveals that the digital asset ecosystem has suffered approximately $230 million in liquidations in the past 24 hours, with Bitcoin accounting for roughly $70 million, mainly driven by short positions equalling roughly $50 million.
![Liquidation Heatmap: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2024/03/coinglass-1.png)
It’s noteworthy to mention that Bitcoin has experienced a significant appreciation of approximately 44% year to date. In terms of nominal fiat value, this signifies a rise from $44,000 to a commendable $66,000.
Interestingly, Bitcoin’s rise comes before a “halving” event, a significant occurrence that has historically never been preceded by a Bitcoin all-time high.