BTC Market Review - June 23, 2026
Market selling continues to dominate, but its impact on price is gradually diminishing. Limit demand is intensifying, lows have ceased to be broken, and the market structure retains signs of a localized upward movement.
Table of contents
In this market review, we do not attempt to predict the future. Our task is to state the facts available at the current moment and build our actions based on those facts rather than on expectations or hopes.
Market Orders and Limit Orders
During the reviewed period, market orders continue to show a cumulative dominance of market sell orders, with their volumes gradually increasing. This is clearly visible on the cumulative delta histogram (red rectangle) and indicates continued activity from sellers. Selling pressure remains noticeable, and market participants continue to actively use market orders either to exit positions or to open new short positions.
However, an increasingly important observation is that the growing volume of market selling is no longer resulting in a proportional decline in price. This may indicate that seller volume is gradually being absorbed by opposing demand and that the effectiveness of selling pressure is decreasing.
At the same time, limit orders continue to show a steady cumulative increase in buy orders, with limit demand volumes also gradually rising (green rectangle). This opposing liquidity from buyers helps prevent further price declines and forms local support within the current range. It suggests that some market participants are actively absorbing incoming sell volume, preventing sellers from extending the move lower.
Price Change per Unit of Volume
The effectiveness of volume impact has currently shifted in favor of buyers: less volume is required to move the price upward compared to the amount of pressure needed to push it lower. This indicates increasing effectiveness of buying activity and a gradual decline in the effectiveness of market selling.
Balance Index
Against the backdrop of the current movement, the Balance Index has returned to its normal percentile range and is not showing a significant bias toward either buyers or sellers. This suggests that, following previous local imbalances, the market is gradually transitioning into a more balanced state.
Price Dynamics
Market sell orders continue to become more pronounced, yet the price is no longer making new local lows. This represents an important change in market behavior and indicates declining seller effectiveness. Despite the ongoing pressure, incoming sell volume is increasingly being absorbed by opposing demand.
At the same time, limit orders continue to show a stable dominance of buy orders, which are forming local support within the current range. It is this support that allows the market to maintain its current levels and prevents further development of the downward movement.
Conclusion
According to Charles Dow’s theory, the local market structure remains bullish. Despite prolonged selling pressure, the market has managed to halt its decline, and previous lows are no longer being broken. This points to weakening downside momentum and a gradual strengthening of buyer positions.
Additional confirmation comes from growing limit demand, declining effectiveness of market selling, and the shift in volume efficiency toward buyers. As long as the market maintains its current structure and continues to hold its lows, the local bullish trend remains valid.
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