Was that the bottom for BTC? It might be...

If we look back at history, we have seen huge volume surges when bitcoin bottoms out.

Interestingly enough, they tend to get to around the same level...

Check it out:

(Source: https://twitter.com/BTC_Archive/status/1525844215070064644/photo/1)

When you combine the volume spike to these levels with the downtrend and you get a pretty good indicator that the bottom may be in.

There are no guarantees and the macro environment is different now, but if you go back further on that chart above you can see that even in a tightening environment, we still get a multi week bounce off a setup like this one.

I suspect we are going to get a multi week bounce here as well, at the least.