The cryptocurrency market is showing signs of a potential bull market resurgence, as key indicators reflect a significant reduction in bearish pressure.
30DMA Metric Declines Sharply, Bull Market Signal
The 30-day Moving Average (30DMA) Net Taker Volume metric is a critical measure of market sentiment. It has weakened from $15 million over 30 days to $1.8 million over the same period. This shift marks the greatest reduction in bearish pressure in the last two years.
The average bearish pressure, reflected by the 30DMA Net Taker Volume metric, has weakened from $15M/30D to $1.8M/30D.
This was the greatest pressure in the last two years.
It might be the final trigger for the resumption of the rally. pic.twitter.com/thi6Fl57QS— Axel 💎🙌 Adler Jr (@AxelAdlerJr) June 8, 2024
As noted by Axel Adler Jr, Bitcoin Verified Author on CryptoQuant, such a decrease in bearish pressure may act as the last signal for the beginning of another rally in the cryptocurrency market. The decline in the 30DMA Net Taker Volume indicates that sellers are losing ground and sentiment may soon turn upward.
Reduced Coinbase Trading Volume Indicates Bullish Shift
Coinbase is currently responsible for 46% of all the spot trading. However, the average daily trade volume on Coinbase has fallen from 25,000 BTC per day to 9,700 BTC per day. In the context of a bull market, this is a sign that there is no forceful selling pressure.
Coinbase currently accounts for 46% of all spot trading. The average trading volume has decreased from 25K BTC/day to 9.7K BTC/day.
In a bull market, this represents a lack of selling pressure (yellow bars), which can stimulate growth. pic.twitter.com/t3hVDlkYGm
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) June 8, 2024
It is also represented by yellow bars in the trading charts. This could end up being better because limited sellers will allow higher pricing with higher buyer demand. Eventually, this could lead to less selling pattern in the cryptocurrency market, which is where the bull market in the cryptocurrency begins. As a result, this allows for a favorable trading and investing atmosphere.