As cryptocurrencies slip back into the red, Bitcoin (BTC) has once again dipped close to $85,000. A look back at this bearish trend, which supports the bear market scenario.
Bitcoin (BTC) experiences a new bearish leg
Still in a phase of uncertainty, the price of Bitcoin (BTC) has fallen back to nearly $85,000. After hitting a low of $80,600 on November 21, BTC attempted a recovery, gaining over 17%. However, price action appears to be pointing toward a bearish continuation over the past few days, having fallen nearly 9%:
BTC price (daily data)
At the time of writing, BTC is trading at $86,450, down 3.6% over the past 24 hours. Other cryptocurrencies are posting heavier losses, such as ETH, down 6%, XRP, down 5.3%, and HYPE, down 8.7%.
Regarding liquidations, data from Coinglass reports $576.55 million in forced liquidations of long positions over the past 24 hours, for a total of $652.94 million.
After hitting a low of 10 on November 22, CoinMarketCap’s Crypto Fear and Greed Index currently stands at 22, indicating a sense of fear in the market.
Even more symbolic, the total crypto market cap is now just over $3 trillion. Last month, it briefly dipped below that threshold before rebounding. As up days become increasingly rare and declines no longer necessarily follow negative news, the prospect of the bull run continuing fades a little more each day.
As for U.S. spot Bitcoin ETFs, Monday’s session saw $357.69 million in outflows, causing total assets under management to drop to $112.27 billion. Furthermore, if BTC were to close out the month today, the current 4.18% decline would mark the worst December since 2021 and the fourth-worst month of the current year.
