TL;DR:

The CVD indicator reflected continuous net buying by large-volume wallets during the latest price drop.
Liquidation volume in the cryptocurrency futures market reached 530.07 million dollars in the last 24 hours.
A total of 119,678 traders recorded the forced closure of their positions due to the loss of key support levels.

Large institutional investors exhibit a sharp divergence from decisions made by retail traders. Over the last 24 hours, big whales accumulate Bitcoin nonstop, taking advantage of a faltering market with the goal of increasing the size of their investment portfolios. Recent analyses confirm that the price fell below the psychological threshold of $63,000.

The $BTC CVD indicator shows buying by whales.

Although the price of $BTC fell, net buying by whales increased. They absorbed the selling volume during the decline.

Most of the selling volume during the decline came from retail investors. pic.twitter.com/eoJY0yW2Jj

— CW (@CW8900) June 23, 2026

In this regard, analyst CW suggests that the Cumulative Volume Delta (CVD) indicator points to net buying by large-scale wallets during this pullback. On the other hand, metrics analyzed by the same source indicate that most sell orders originate from retail investors. This disparity in trading behavior reflects that small traders often reduce their exposure out of caution during declines, while large capital holders use these periods to expand their holdings.

Key technical levels under the analysts’ microscope

Right now, the price is confined to a narrow range. Specialist Benjamin Cowen notes that the Bitcoin price currently sits between the Bear Market Resistance Band and the 200-week simple moving average. Both technical metrics have played a decisive role in the development of previous macroeconomic cycles.

Cowen’s projections suggest that a break below these levels in the coming months could initially be interpreted as a sign of structural weakness. However, the technical projections in his report suggest that such a pullback could lay the operational foundation for the formation of the market’s next definitive bottom during the fourth quarter of 2026.

Given the lack of a clear breakout above resistance or below support, a large portion of traders maintains a passive stance, avoiding aggressive orders until a defined trend consolidates.

Losses in the derivatives market accelerated significantly over the past day. Official statistics from CoinGlass confirm that the asset’s drop below $63,000 triggered the mass liquidation of 119,678 traders.

The total balance of forced liquidations reached $530.07 million over the last 24 hours. Documentation from the Aster exchange details that the single largest liquidation corresponded to a position in the BTCUSDT pair, with an estimated value of $7.06 million.

At the close of this report, the cryptocurrency is trading around $62,291, reflecting a net decline of 2.96% in the last 24 hours. Total volume traded in the spot market during the day stands at approximately $31.38 billion. Institutional order books will hold the market’s attention over the coming weekly sessions to assess the strength of current demand zones.