Crypto markets tanked again after Bitcoin (BTC) price slipped to $47,500 on Dec. 9, but most analysts agree that the price is destined to remain in the $40,000 to $55,000 range until the holiday season has passed.

Crypto markets tanked again after Bitcoin (BTC) price slipped to $47,500 on Dec. 9, but most analysts agree that the price is destined to remain in the $40,000 to $55,000 range until the holiday season has passed.

Here’s a look at what analysts and traders are saying about the recent price action and whether BTC’s current downside is a signal that a bear market is in the making.Bulls aim to hold the $47,000 supportInsight into the weekly price action was provided by analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart, which outlines the levels of support and resistance that are currently relevant to the price action for BTC.

Here’s a look at what analysts and traders are saying about the recent price action and whether BTC’s current downside is a signal that a bear market is in the making.Bulls aim to hold the $47,000 supportInsight into the weekly price action was provided by analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart, which outlines the levels of support and resistance that are currently relevant to the price action for BTC.

BTC/USDT 4-hour chart. Source: TradingView Data from Cointelegraph Markets Pro and TradingView shows that the early morning defense of the $50,000 support level was overwhelmed by sellers and according to independent market analyst Ben Lilly, bids at underlying support levels are not inspiring much confidence from bulls.

BTC/USDT 4-hour chart. Source: TradingView Data from Cointelegraph Markets Pro and TradingView shows that the early morning defense of the $50,000 support level was overwhelmed by sellers and according to independent market analyst Ben Lilly, bids at underlying support levels are not inspiring much confidence from bulls.

Rekt Capital said,“BTC is threatening to lose this red support but no confirmed breakdown. Below red is the orange area, a strong support which ended two -25% corrections in February and September. Generally red needs to hold to avoid a drop to orange. Still holding here until further notice.”

Rekt Capital said,“BTC is threatening to lose this red support but no confirmed breakdown. Below red is the orange area, a strong support which ended two -25% corrections in February and September. Generally red needs to hold to avoid a drop to orange. Still holding here until further notice.”