The cryptocurrency market faced significant losses in the first week of July, with Bitcoin leading the downtrend by consistently hitting lower lows due to sustained selling pressure. The global crypto market cap dropped by $140 billion to $2.11 trillion, its lowest level since late February. However, amidst these losses, a few cryptocurrencies showed notable performances worth monitoring this week.
Bitcoin (BTC) experienced tough bearish pressure, reaching a 5-month low of $53,485 on July 5 before rebounding slightly to end the week with a 4.5% drop just above $58,000. Currently, Bitcoin has dropped below the $58,000 threshold with hopes of a full recovery resting on reclaiming the 20-day SMA ($61,509) and the upper Bollinger Band ($66,676).
Litecoin (LTC) was another victim of the market collapse, slumping by 12% last week. Despite showing resilience at the beginning of the week, LTC recorded three consecutive intraday losses, closing the week with a 12.7% loss. The MACD line crossing below the Signal line on July 4 confirms the bearish momentum, with LTC needing to close above Fib. 0.236 ($64.60) to defend against further declines.
In contrast, Tron (TRX) defied the bearish trend by hitting a 4-month high of $0.13028 last week. TRX started the week indecisively but managed to increase by 3.5% over four days to $0.12997 on July 3, aiming to recover the $0.13 territory last seen on March 13. Despite a crash to $0.12117 on July 5, Tron quickly rebounded and closed the week with a 3.5% increase.
As investors monitor these cryptocurrencies this week, the market remains volatile, and recovery efforts are crucial for Bitcoin to regain lost ground while Litecoin and Tron face challenges in defending against further declines. It is essential to keep track of key levels and indicators to navigate the current market conditions effectively.