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Bitcoin falls below $47K, destroying October gains – bear market begins?

Bitcoin falls below $47K, destroying October gains – bear market begins?

The price of Bitcoin has fallen to two-month lows amid volatility. But can Bitcoin's price bottom out at around $42,000? BTC unexpectedly fell below $47,000 on Dec. 4, losing nearly 20% in the last 24 hours. This is the biggest one-day drop since May 15, when Bitcoin's price momentarily dropped to nearly $33,000.

The market price of BTC fell 26.4% from its weekly support of $57,206 and dropped to $42,268 before recovering to the $45,000 mark. According to Cointelegraph, $1.3 billion was liquidated in the Bitcoin market in the last hour, with $735 million liquidated in long BTC positions on this decline. As a result, Bitcoin's bear market reverses a 2-month bull market that had been going on since Sept. 29, where BTC soared more than 63% to an all-time high of $67, 602 by Nov. 8. However, many bitcoin analysts, including TechDev, have noted a similar trend in the BTC price each year. Another reason for Bitcoin's two-month bearish low could be resistance from U.S. regulators, who have invited executives from prominent cryptocurrency exchanges, including FTX and Binance US, to a hearing on crypto-assets. On the other hand, some believe that the price of Bitcoin may stabilize after the fall. For example, the CEO of cryptocurrency platform Eight Global, Michael van de Poppe, said: Despite concerns about volatility and non-compliance with traditional financial practices, Bitcoin continues to grow as a viable asset for jurisdictions with unstable economies.

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