According to the latest analysis by analyst Adler, the Bitcoin Impulse indicator, which reflects bitcoin's price momentum, has dropped to -59, signaling a rapid shift toward negative market momentum. Concurrently, the 30-day Net Taker Volume Position Change — a metric that measures the change in aggressive buying versus selling — has dipped below zero for the first time in almost three months, indicating that the buyer demand that fueled the previous rally has been largely exhausted.
Breaking down the momentum readings, the fast momentum component has approached a deeply negative -90, while the slow momentum has been on a steady decline since dropping below zero at the end of May and has now accelerated to -59, exactly matching the composite Impulse indicator. Adler notes that momentum indicators typically lead volume flow changes, so the simultaneous deeply negative readings on both fast and slow momentum suggest selling pressure will persist in the near term, with buyers unlikely to quickly reverse the trend.
30-Day Net Taker Volume Turns Negative After Three Months
Another critical signal comes from the 30-day Net Taker Volume Position Change. This indicator had stayed above zero for nearly the entire prior three-month period, reflecting sustained accumulation by aggressive buyers and supplying the core fuel for bitcoin's earlier rebound. The latest data, however, shows it has broken below zero, meaning that over the past 30 days, the volume of aggressive selling has exceeded aggressive buying for the first time — a clear sign that buying demand has waned.
Adler does caution that while the indicator has just turned negative, it has not yet entered what he labels as “bearish territory.” The current state is more accurately described as a transitional phase from buyer dominance to seller dominance. Overall, the market has shifted into a risk-off environment with cautious investor sentiment. Adler further emphasizes that when both momentum and volume flow indicators point downward simultaneously, the persistence of the market correction tends to strengthen.
Two Scenarios Ahead for the Market
Based on this combination of signals, Adler outlines two possible paths forward. If the 30-day net taker demand continues to deteriorate and moves officially into bearish territory while momentum indicators remain entrenched in negative values, the bearish trend would be further confirmed. On the other hand, if aggressive buying power can regain ground and push back above zero, breaking the current selling inertia, it could offer a window for a rebound and a short-lived improvement in market sentiment. At this juncture, the direction of buyer demand will serve as the key reference for near-term market direction.