Bitcoin dropped by 20% in June, but the monthly chart reveals something far more concerning.
Bitcoin fell by 20% to under $60,000 in June, its worst monthly performance since the same month in 2022. If that number alone isn’t enough to worry bulls, the price chart, especially the monthly candlestick, could be.
The June candlestick, a charting tool summarizing entire month’s price action into a single visual, looks like a solid red brick with virtually no wicks, a clear sign of complete and “uninterrupted” bear dominance throughout the month.
For anyone tracking price charts, that’s about as bearish a signal as can be and a warning that more losses could happen in the weeks ahead.
A candlestick captures four data points for any given period: where price opened, where it closed, how high it got, and how low it fell.
The candle body shows the open-to-close move. The wicks – the thin lines extending above and below the body, representing high and low – show how far price traveled in both directions during that period.
Big wicks mean buyers and sellers were fighting hard. A long upper wick means sellers beat back a rally while a long lower wick means buyers defended a selloff. Either way, wicks are evidence of two-sided activity.
The June candle
The June candle has none of that.
It’s just a big red body with wicks so small they’re invisible to the naked eye, meaning price barely deviated from a straight line down: Open on June 1, close on June 30, nothing meaningful in between.
Sellers never faced a serious challenge from bulls. No bounce above the June 1 open and no relief rally from lows. The price on June 30 was the lowest for the month.
A solid 30 days of relentless, one-directional selling is rare for a monthly candle, demonstrating this kind of complete bear dominance. Most months, regardless of direction, produce at least some visible volatility/wicks. Markets are inherently two-sided, and even in bad months there are usually sporadic recoveries or spikes that leave a trace.
The absence of any of that in the June candle is what makes bearishness stand out beyond the raw 20% number.
Traders call this candlestick pattern a “Marubozu.” The name comes from the Japanese word for a shaved or bald head, which refers to a candlestick with no wicks (shadows) at either end.
The appearance of this candlestick pattern on the monthly chart signals decisively bearish sentiment, consistent with recent analysts’ predictions of a deeper slide and an eventual bottom in the $48,000 to $55,000 range.
In shorts, bulls have a steep uphill battle ahead.
As of this writing, bitcoin traded near $58,600, according to CoinDesk data.
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