A market is called a “bull” when there are more buyers than sellers in a market, thus the price of the currency pair is moving upwards. This happens when the base currency has a better market outlook than the counter currency.
The term “bull” is used to describe the upward movement due to manner in which a bull attack. A bull thrusts its horns up into the air when attacking to its prey.
A bear market, on the hand, is a market condition wherein there are more sellers than buyers in a market. When you look at the chart, the price movement of the currency pair is going downwards. This means the counter currency has a better market outlook than the base currency.
The term “bear” is used to describe the downward price movement due to how a bear attack. A bear swipes its paws downward when attacking its opponents.