BTC touched 82,292 and then pulled back. Worse than the move itself was the volume: yesterday’s sell-off saw 1.57 billion U in trading volume, while today’s rebound managed only 1.28 billion U, down 18%.
Down on rising volume, rebound on falling volume. That means real selling pressure came in on the way down, while hardly anyone joined in on the way up. Yesterday’s high-volume drop wasn’t a slow bleed, and today’s low-volume rebound is definitely not a reversal. For the trend to truly turn, rebound volume has to exceed the volume on the down day. It hasn’t. BTC at $2,000
Down on rising volume, rebound on falling volume. That means real selling pressure came in on the way down, while hardly anyone joined in on the way up. Yesterday’s high-volume drop wasn’t a slow bleed, and today’s low-volume rebound is definitely not a reversal. For the trend to truly turn, rebound volume has to exceed the volume on the down day. It hasn’t. BTC at $2,000
