What you said makes sense except for  "Buyers on the other hand seem willing to buy during the dips."

If buyers were so willing, there wouldn't be much of a dip.

But yes, overall, the low volume on a drawdown means that there isn't a lot of meaning to it.

Someone a while ago brought up "On Balance Volume", which is exactly this same information - little volume on a drop means not much of a drop.

Here it is from Stockcharts - OBV is still positive.