Bitcoin fell 20% to below $60,000 in June, its worst monthly performance since the same month in 2022. If that number alone isn’t enough to worry the bulls, the price chart, particularly the monthly candlestick, might be.
The June candlestick, a charting tool summarizing the entire month’s price action in a single visual, looks like a solid red brick with virtually no wicks, a clear sign of complete and “uninterrupted” bearish dominance throughout the month.
For anyone following price charts, this is as bearish a signal as possible and a warning that further losses could come in the weeks to come.
A candlestick captures four data points for a given time period: where the price opened, where it closed, how high it reached, and how far it fell.
The body of the candle shows the movement from open to close. The wicks – the thin lines extending above and below the body, representing the high and low – show how far the price has traveled in either direction during this period.
Big wicks meant buyers and sellers were fighting hard. A long upper wick means sellers have fended off a rally, while a long lower wick means buyers have defended a selloff. Regardless, the strands indicate bilateral activity.
The June candle
The June candle has none of that.
