Bitcoin passes $65,000 as liquidations surge and halving approaches
Bitcoin recently reached a year-to-date high of approximately $65,500 during European trading hours.
Bitcoin new YTD high (Source: TradingView)
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)
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)
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 $65,000.
Interestingly, Bitcoin’s rise comes before a “halving” event, a significant occurrence that has historically never been preceded by a Bitcoin all-time high.
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