The cryptocurrency market is hinting at a possible resurgence of a bull market, with key indicators suggesting a significant decrease in bearish pressure.
The 30-day Moving Average (30DMA) Net Taker Volume metric, a crucial measure of market sentiment, has dropped from $15 million over 30 days to $1.8 million over the same period. This decline represents the largest reduction in bearish pressure in the past two years.
Axel Adler Jr, a verified author on CryptoQuant, believes that this decrease in bearish pressure could be the final signal for the start of a new rally in the cryptocurrency market. The diminishing 30DMA Net Taker Volume indicates that sellers are losing momentum and sentiment is likely to shift positively.
Coinbase, responsible for 46% of all spot trading, has seen a drop in average daily trade volume from 25,000 BTC per day to 9,700 BTC per day. In a bull market context, this decline signifies a lack of strong selling pressure, as shown by the yellow bars on the trading charts. With fewer sellers, there is potential for higher prices due to increased buyer demand. This could lead to a decrease in selling patterns in the cryptocurrency market, marking the beginning of a bull market.
Overall, these developments create a favorable environment for trading and investing in cryptocurrencies. #BTC.
