bitcoin fell 20% to below $60,000 in June, its worst monthly performance since the same month in 2022. If that number alone is not enough to worry the bulls, the price chart, especially the monthly candle, could be.
The June candle, a charting tool that summarizes the entire month’s price action in a single image, looks like a solid red brick with virtually no wicks, a clear sign of complete and “unbroken” bearish dominance throughout the month.
For anyone following price charts, that is the most bearish signal possible and a warning that more losses could occur in the coming weeks.
A candle captures four data points for a given period: where the price opened, where it closed, how high it went, and how low it fell.
The body of the candle shows the movement from open to close. The wicks (the thin lines that extend above and below the body, representing highs and lows) show how far the price traveled in both directions during that period.
The big wicks mean that buyers and sellers were fighting hard. A long upper wick means sellers rejected a rally, while a long lower wick means buyers argued for a sell-off. Either way, the highlights are evidence of bilateral activity.
The June Candle
The June candle has none of that.
