The bear market is due to two main reasons:
1. Christmas holidays: traders are usually inactive in the market because they have to take a break from work during the Christmas holidays.
2. Whales' opportunity: whales had profitable days in the bull market after Donald Trump won the US presidency. The bear market during the Christmas holidays is a great opportunity for whales to sell the market before Trump takes the White House as President to have another chance to buy and boost their profits. The bear trend will continue for a few more days.