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The global cryptocurrency market recorded mixed sentiments last week, witnessing major upswings and declines. The total market cap <a href="https://coinmarketcap.com/" target="_blank" rel="noopener">remained</a> flat at $1.66 trillion. Amid the rollercoaster ride, crypto assets Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>), Near Protocol (<a href="https://crypto.news/price/near-protocol/">NEAR</a>) and Bonk (<a href="https://crypto.news/price/bonk/">BONK</a>) made noteworthy moves. 
<h2 class="wp-block-heading" id="bitcoin-retests-45-000">Bitcoin retests $45,000</h2> 
The week began on favorable grounds for Bitcoin and the rest of the crypto market amid sustained discussions about the upcoming spot <a href="https://crypto.news/better-markets-ceo-urges-sec-reject-spot-bitcoin-etfs/">BTC ETFs</a>. Bitcoin began the week at $42,146, slipping into the new year with an uptrend that saw it finally clinch the $45,000 mark. 
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 <img loading="lazy" decoding="async" width="1024" height="538" src="https://crypto.news/app/uploads/2024/01/BTC-price-Jan-7-1024x538.png" alt="Top cryptocurrencies to watch this week: BTC, NEAR, BONK - 25" class="wp-image-14235244">
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 BTC price – Jan. 7 | Source: Trading View
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</figure> 
The asset failed to reach this price mark despite its massive surges from October to December 2023. The renewed optimism brought by the new year triggered a rally to a 21-month high of $45,894 on Jan. 2, as industry commentators <a href="https://crypto.news/polymarket-investors-confident-of-spot-bitcoin-etf-nod-by-jan-15/">stressed</a> an imminent approval of the multiple ETF applications. 
However, the optimism withered when a Matrixport <a href="https://crypto.news/sec-will-reject-all-bitcoin-etfs-in-january-says-matrixport/">report</a> presented the possibility of a denial of all ETF applications this month. Amid the report, a wave of selloffs <a href="https://crypto.news/bitcoin-falls-10-in-three-hours-following-matrixport-proclamation/">ensued</a>, leading to a severe market collapse. BTC dropped to a low of $40,879 on Jan. 3, with liquidations <a href="https://crypto.news/traders-liquidate-almost-700m-amid-bitcoins-precipitous-decline/">approaching</a> $700 million in the market. 
Despite engineering a recovery, the premier crypto recorded a 4.69% intraday slump that day, its highest intraday decline since Dec. 11, 2023. Nonetheless, the asset has recovered most of the Jan. 3 losses, currently trading for $44,007 amid a battle to hold up the $44,000 price threshold. 
Bitcoin ended the week with an impressive 4.41% increase despite the Jan. 3 collapse. At its current price, the crypto asset’s next pivotal resistance below the $45,000 mark, sits at $44,857 currently at Fibonacci 0.786.&nbsp; 
 You might also like: <a href="https://crypto.news/fintech-firm-dave-to-pay-ftx-liquidators-71m/"> Fintech firm Dave to pay FTX liquidators $71m </a> 
<h2 class="wp-block-heading" id="near-slumps-below-3">NEAR slumps below $3</h2> 
Near Protocol had fervently defended the $3 price territory since <a href="https://crypto.news/near-protocol-surges-54-in-a-week-analysts-predict-further-rally-in-2024/">reclaiming</a> it on Dec. 21, 2023. Before the December 2023 upsurge, the last time NEAR traded at the $3 mark was in October 2022. Upon hitting a high of $3.625 on Dec. 21, the token held above the $3.5 level for several days, eventually hitting $4.62 on Dec. 26, 2023. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="544" src="https://crypto.news/app/uploads/2024/01/NEAR-price-Jan-7-1024x544.png" alt="Top cryptocurrencies to watch this week: BTC, NEAR, BONK - 26" class="wp-image-14235245">
 <figcaption class="wp-element-caption">
 NEAR price – Jan. 7 | Source: Trading View
 </figcaption>
</figure> 
However, the asset began this week on a bearish note, caught in a consolidation preceded by a drop to $3.520. The asset struggled to defend the $3.5. A measured move toward reclaiming the $4 level materialized on Jan. 2, but the bears mounted stern opposition at the $4.33 resistance point. 
Amid the market slump on Jan. 3, <a href="https://crypto.news/binance-custody-integrates-near-protocol-into-its-infrastructure/">NEAR</a> dropped below the $3 mark for the first time since Dec. 21, 2023, collapsing to the support level of $2.905. Near Protocol recovered the $4 zone in a recovery move the next day, but this campaign was short-lived.&nbsp; 
The asset has shed off more gains since then, recording two consecutive daily losing candles at the end of the week. NEAR ended the week with a 7.7% decline, relinquishing the $3.6 and $3.5 pivotal price thresholds. 
<h2 class="wp-block-heading" id="bonk-drops-to-4-week-low">Bonk drops to 4-week low</h2> 
<a href="https://crypto.news/bonk-drops-13-analysts-watching-3-meme-coin-alternatives/">BONK</a> has been on a free fall since it hit an all-time high of $0.00003498 on Dec. 15, 2023, and this continuous slump spilled into this week. 
Since claiming the all-time high, the meme coin has registered lower and lower highs, now 67% down from the peak value. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="540" src="https://crypto.news/app/uploads/2024/01/BONK-price-Jan-7-1024x540.png" alt="Top cryptocurrencies to watch this week: BTC, NEAR, BONK - 27" class="wp-image-14235246">
 <figcaption class="wp-element-caption">
 BONK price – Jan. 7 | Source: Trading View
 </figcaption>
</figure> 
The downward spiral has resulted in the formation of a downtrend, further exacerbated by the latest market-wide turbulence. 
BONK was one of the most impacted by the drop, losing 13.68% of its value on Jan. 3. The asset only gained 2% the next day in a weak recovery attempt. 
Subsequent days dealt further blows to the meme coin, with a 6.33% slump on Jan. 5 and a 3.83% drop on Jan. 6. Amid the sustained drop, BONK ended the week at $0.00001075, marking its lowest price in four weeks. The token closed the week with a discouraging 23.4% decline. However, with a CCI of -103, BONK could be on the verge of a trend reversal. 
 Read more: <a href="https://crypto.news/coinspaid-gets-hacked-again-7-million-goes-missing/"> CoinsPaid gets hacked again, more than $7m goes missing </a>

Top cryptocurrencies to watch this week: BTC, NEAR, BONK

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