"Three-in-One Trading System | BTC Evening Market Analysis (1/3): Volume Analysis" ---- Bulls suppressed, showing resilience, but volume is in a state of exhaustion The positive impact of the PCE data couldn't stop the selling pressure near 85,500, accompanied by approximately $55 million in short positions being liquidated. However, the price surged but failed to hold, quickly pulling back. Current volume status: Volume increases during rebounds, decreases during pullbacks, indicating insufficient momentum from buyers chasing higher prices. On the other hand, selling pressure at higher levels suggests significant disagreement between bulls and bears near 85,500. On the 4-hour timeframe, both bullish and bearish volume are relatively weak, but bullish volume is clearly in a state of exhaustion. There’s a new shift in the derivatives market: Open interest actually decreased during the price rebound, indicating that this surge was primarily driven by short covering rather than new long positions entering the market. Volume Analysis: The post-PCE spike was a short-covering-driven impulse, not the start of a trend. Volume hasn’t shown sustained growth, and there’s insufficient follow-through. Price is consolidating in the 83,000-85,000 range, with both bulls and bears waiting for the next catalyst—Friday’s non-farm payroll data.