Bitcoin tumbles below $47K wiping out October gains — Bear market begins?
The price of Bitcoin has fallen to two-month lows as volatility bites.
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.
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.
— TechDev (@TechDev_52) October 18, 2021
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.