Bitcoin fell below $47,000, wiping out the October gains-has the bear market begun?

Bitcoin (Bitcoin) Suddenly fell below $47,000 on December 4 and has fallen by nearly 20% in the past 24 hours. This is the biggest one-day drop since May 15, when the price of Bitcoin fell to nearly $33,000.

The market price of BTC fell by 26.4% from the week’s support level of $57,206 to $42,268, and then rebounded to the $45,000 mark. According to ByBit’s data, the Bitcoin market has experienced a total liquidation of US$1.3B in the past hour, and liquidated US$735 million in BTC longs during this decline.

The chart shows the total liquidation volume of BTC. Source: ByB

As a result, Bitcoin’s bear market offset the two-month bull market since September 29, in which BTC soared by more than 63%, reaching a record high of $67,602 on November 8.

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