Total notional volume from last Monday through Friday came in at $3.3 billion, 16% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $2 billion, 6% lower than the previous week. Ether volume came in at $635 million, 39% lower than the week earlier.

Total notional volume over the past 30 days comes in at $18 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $10,527 and average position size for ether at $3,143.

Bitcoin and ETH volatility remains elevated just off recent multi-month highs. We’re looking at average daily ranges in bitcoin and ether of $3,961 and $224 respectively.

All of this bearish price action in the price of bitcoin and believe it or not, according to this reliable trend indicator, bitcoin is still in an uptrend.

The indicator we’re talking about is the Ichimoku Cloud and the time frame is on the weekly chart. The Ichimoku Cloud looks at several major moving averages and then displays it in the form of a cloud.

If the market price is above the cloud, the market is in an uptrend. If the price is in the cloud, there is no trend and the status is neutral. And if the price drops below the bottom of the cloud, the market is in an official downtrend.

At the moment, the top of the weekly Ichimoku Cloud for bitcoin comes in roughly around $93k. So while we trade above $93k, bitcoin is still in an uptrend as per the weekly chart and should be looking for the formation of the next major higher low and bullish continuation to fresh record highs.

Ultimately, only below the bottom of the cloud in the $80k area would give reason for concern. The takeaway?

While it has been a tough stretch for bitcoin in recent days and weeks, the outlook is still bullish and dips should be used as opportunities to buy.