I am most of the time long cryptocurrency and btc. And so I am today. I am also slightly bullish at least for the shorter term.
In General we see more and higher red candles in the downtrends and bear markets.
Especially when we were rallying the opposite was true. Every new ATH came usually also with higher green volumes.
There are two things I like about the volume:
Lately the red volume candles have been taller than the green ones consistently.
Except twice, when BTC bounced. Just yesterday the volume spiked and also in February. These two candles do stand out relative to their neighbors. However the second canled, that happened a day or two ago is not as strong for two reasons.
The volume comes primarily from short squeezes. So the volume does not come from buyers directly.
It is overall much smaller and not as strong as in February. It seems the bulls are still a bit hesitant.
Overall this makes me a bit bullish, but it is not that great metric or indicator that gives me high confidence.