BTC monthly candle signals further decline after worst month since 2022

Bitcoin's monthly chart has formed a Marubozu, a strong bearish signal, after the cryptocurrency fell by about 20% in June—its worst monthly performance since June 2022. According to CoinDesk, a Marubozu is a full-bodied candle with almost no wicks, which signifies that sellers controlled the market throughout the month. The pattern is typically seen as a signal that a strong downtrend will continue. This technical formation aligns with recent forecasts for further declines, with some analysts projecting a potential bottom for BTC between $48,000 and $55,000.