Bitcoin Drops Below $ 47,000, Erasing October Profits – Bear Market Begins

Bitcoin (BTC) unexpectedly fell below $ 47,000 on December 4th, losing nearly 20% in the past 24 hours. This makes this the steepest one-day drop since May 15, when Bitcoin price temporarily fell to nearly $ 33,000.

The market price of BTC fell 26.4% from a week-long support of $ 57,206 to $ 42,268 before bouncing back to the $ 45,000 level. According to ByBit data, the Bitcoin market has seen a total of $ 1.3 billion in liquidations in the past hour, with that decline in the long run with $ 735 million in BTC liquidation.

As a result, Bitcoin’s bear market eliminates the 2-month bull market of September 29th, when BTC rose more than 63% to hit an all-time high of $ 67,602 on May 8th. 11. However, many Bitcoin analysts, including TechDev, point to a trend similar to that of Bitcoin’s year-over-year price action.

Every #Bitcoin Cycles in the past have ended with a red month, followed by 2 or 3 very green months. pic.twitter.com/zr1055PvkL

– TechDev (@ TechDev_52) October 18, 2021

Another reason Bitcoin’s two-month low could also be attributed to opposition, mainly from US regulators, who invited CEOs of famous crypto exchanges, including FTX and Binance US, to attend hearings on crypto assets.