The bear market exists for two main reasons:

1. Christmas holidays: traders are usually inactive in the market due to non-working days during the Christmas holidays.

2. Opportunities for whales: whales took profitable days during the bull market after Donald Trump's victory in the US presidential election. An inactive market during the Christmas holidays is a super opportunity for whales to lower the market price before Trump enters the White House as president, to have another chance to buy and increase their profits. The bear trend will last for a few more days.