We saw the triangle form over the last 4 weeks, with price moving in between its boundaries, thus volatility decreased. Low volume during low volatility is normal. We just broke out of the triangle upwards, no big moves yet. Most indicators point UP. With the next surge in price volume should return. If it doesnt: crash! But thats rather unlikely.
But this is
bad and possibly a mid-term bearish indicator. This is Bitcoin! Volume isn't supposed to go up because price goes up, that would make it the definition of a bubble, or wouldn't it? Last time it happened was right before the biggest bust/crash in Bitcoin history, so this shouldn't be taken lightly. Look at June 2011, it also had little changes in price and dropping volume -- until things went downhill. I'd not call the time around 5 comparable. Then, the volume and volatility dropped slowly, after price had been falling for two months. That looked like the market and its actors were adjusting to stability. June last year, and September now, price spiked down and inexplicably recovered, then volume quickly dropped a lot -- this time, price even continued rising at the same time. There is no set price, and volume is so low, the number Gox is showing need not mean much.
It should be the other way around; activity, which correlates with volume, should provide the stability to justify higher prices. BTC trade volume dropping like that is questionable.
The day is about to end, and Gox volume shows 7.7k. Remember that still, 7.2k coins get mined per day! Are we relying on speculating miners for price stability? It seems we are, or else there's almost nobody else trading coins for USD today.
TL;DR: I call it a bearish signal.
