Top Cryptocurrencies to Watch This Week: Bitcoin Drops to 5-Month Low, TRX Bucks the Trend, Hits 4-Month High

The first week of July introduced bearish pressure, leading to massive losses in the crypto market. Bitcoin (BTC) led the downtrend

Bitcoin (BTC) began the week with a slight bullish momentum following a two-week consolidation period. However, bearish pressure emerged as the premier crypto asset continued to diverge from U.S. equities, which maintained a bullish trend.

BTC faced its toughest bearish selling pressure this year as bankrupt exchange Mt. Gox commenced creditor repayments, the German government distributed thousands of BTC tokens, new holders began selling off their assets en masse and miners showed signs of capitulation.

Over the course of last week alone, Bitcoin relinquished multiple psychological thresholds, moving from $63,000 to $58,000. The asset notably slumped to a five-month low of $53,485 on July 5 but promptly rebounded from this position. Despite the minor recovery, BTC ultimately ended last week with a 4.5% drop, remaining just above $58,000.

At press time, the asset is once again seen vacating the $58,000 threshold amid an additional 1.13% drop. Nevertheless, it has managed to maintain a position above the lower Bollinger Band ($56,347). Bitcoin’s hopes of a full recovery hinge on its ability to reclaim the 20-day SMA ($61,509) and the upper Bollinger Band ($66,676).

After beginning the week with a bullish bearing, Litecoin (LTC) encountered three consecutive intraday losses from July 3 to 5, dropping 18.6% within this period. When the market staged a minor rebound on July 6, LTC went on to gain 5.72%, ultimately closing the week with a 12.7% loss.

LTC's MACD line crossed below the Signal line on July 4, confirming the bearish momentum. With both lines now sloping downward, this suggests that the bearish momentum is increasing.

To mount a formidable defense against any further declines this week, LTC needs to decisively close above Fib. 0.236 ($64.60).

Tron (TRX) stood out among the few assets that bucked the overall bearish trend last week. TRX began the week with an indecisive bearing but eventually increased 3.5% over four days to reach $0.12997 on July 3, looking to recover the $0.13 territory. The last time Tron saw this level was on March 13.

The retest of the $0.13 region coincided with the widespread drop in the market. Tron crashed 6.7% to a low of $0.12117 on July 5, but it immediately rebounded from this point. A recovery push on July 6 helped it reclaim the bullish momentum, leading to a four-month high of $0.13028. Tron closed last week with a 3.5% increase.

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