Bitcoin tumbles below $47K wiping out October gains — Bear market begins?

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Bit­coin (BTC) has sud­den­ly fall­en below $47,000 on Dec. 4, los­ing near­ly 20% in the past 24 hours. This makes this the biggest one-day drop since May 15, when Bit­coin price momen­tar­i­ly came down to near­ly $33,000.

The mar­ket price of BTC fell down 26.4% from week-long sup­port of $57,206 to go down to $42,268 before recov­er­ing back to the $45k mark. Accord­ing to ByBit data, the Bit­coin mar­ket expe­ri­enced $1.3B total liq­ui­da­tions in the past hour, with $735M liq­ui­dat­ed in BTC longs on this drop.

Chart show­ing total liq­ui­da­tions for BTC. Source: ByB

As a result, Bitcoin’s bear mar­ket can­cels out the 2‑month long bull mar­ket since Sept. 29, where BTC soared over 63% to attain an all-time high of $67, 602 by Nov. 08. How­ev­er, numer­ous Bit­coin ana­lysts includ­ing TechDev point out a sim­i­lar trend with Bitcoin’s price action for every year. 

Anoth­er rea­son for Bitcoin’s two-month low bear­ish streak can also be attrib­uted to main­stream resis­tance from the US reg­u­la­tors that have invit­ed the CEOs of promi­nent cryp­to exchanges includ­ing FTX and Binance US for a hear­ing on crypto-assets.



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