During the first dump, the volume was low because the selling pressure was also low at that level, hence, the price pushed up by the bull to 40k level.
However, looking at volume for last few weeks in the second red circle, the volume is significantly higher but the price is still moving side way, there are big players dumping their coins to the market slowly without causing panic.
I myself is a long term bull for Bitcoin and I have also experienced the 2017 crash, people are still very hopeful that price will go back up to 46-50k level, but I believe thing will get worse before getting better.
However, looking at volume for last few weeks in the second red circle, the volume is significantly higher but the price is still moving side way, there are big players dumping their coins to the market slowly without causing panic.
I myself is a long term bull for Bitcoin and I have also experienced the 2017 crash, people are still very hopeful that price will go back up to 46-50k level, but I believe thing will get worse before getting better.
Comment:
Healthy accumulation phase should have stable and low volume and low volatility, price has been moving up and down to trap the retails
Order cancelled:
Looking at price action, we can see bull are still able to hold the line, short is closed at breakeven. I am longing at 34749
Order cancelled:
The market is still undecide and no steam, closing long at breakeven again, no trade until break up or down