Bitcoin dropped by 20% in June, but the monthly chart reveals something far more concerning.

• Bitcoin fell about 20% in June to below $60,000, marking its worst monthly performance since June 2022.
• The June monthly candle shows overwhelming bearish dominance, a rare occurrence on monthly charts and a strong warning of further losses ahead.
• 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.

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

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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