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Bitcoin Tumbles Beneath $47k Wiping Out October Gains — Bear Market Begins?

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

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.

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