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The first week of July introduced bearish pressure, leading to massive losses in the crypto market. Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) led the downtrend, as it consistently recorded lower lows amid sustained selling pressure. 
Notably, the rest of the market experienced similar losses. Consequently, the global crypto market cap lost $140 billion, as it dropped further to $2.11 trillion, its lowest level since late February. While most assets remained down, a few witnessed remarkable recoveries. 
Here are our top picks for cryptocurrencies to watch this week following their noteworthy performances during the downtrend last week: 
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 BTC, TRX and LTC prices – July 7 | Source: Santiment
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<h2 class="wp-block-heading" id="bitcoin-drops-to-5-month-low">Bitcoin drops to 5-month low</h2> 
Bitcoin’s start to the week was mildly bullish following a consolidation phase two weeks back. However, bearish pressure emerged as the leading crypto asset maintained a <a href="https://crypto.news/analysts-bitcoin-diverges-from-us-equities-amid-supply-issues/">divergence</a> from U.S. equities, currently in their bullish stage. 
BTC was subjected to its toughest bearish selling pressure this year, as bankrupt exchange Mt. Gox <a href="https://crypto.news/more-than-10-years-since-the-collapse-of-mt-gox-users-confirm-reimbursements/">began</a> creditor repayments, the German government <a href="https://crypto.news/mt-gox-repayments-test-and-german-btc-sell-off-bitcoin-still-bullish/">distributed</a> thousands of BTC tokens, new holders <a href="https://crypto.news/bitcoins-quick-dip-below-57k-forces-beginners-to-capitulate-cryptoquant-says/">began</a> selling off their assets and miners <a href="https://crypto.news/bitcoin-dips-below-59k-as-miners-show-signs-of-capitulation/">showed</a> signs of capitulation. 
Last week alone, Bitcoin gave up multiple psychological thresholds from $63,000 to $58,000. The asset slumped to a 5-month low of $53,485 on July 5 but immediately rebounded from this position. Despite the mild recovery, BTC ended last week with a 4.5% drop, slightly above $58,000. 
At press time, the asset has again forfeited the $58,000 threshold amid an additional 1.13% drop. Nonetheless, it has maintained 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). 
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<h2 class="wp-block-heading" id="ltc-slumps-12">LTC slumps 12%</h2> 
Litecoin (<a href="https://crypto.news/price/litecoin/">LTC</a>) was one of the numerous victims of last week’s market collapse. The asset showed resilience at the start of the week, largely consolidating from June 30 to July 2.&nbsp; 
However, as pressure mounted, LTC recorded three consecutive intraday losses from July 3 to 5, dropping 18.6% within this period. When the market staged a mild rebound on July 6, LTC gained 5.72% but closed the week with a 12.7% loss.&nbsp; 
Litecoin’s MACD line crossed below the Signal line on July 4, confirming the <a href="https://crypto.news/btc-ltc-struggle-in-bear-market-as-ww3-shiba-takes-center-stage/">bearish</a> momentum.&nbsp; 
With both lines currently sloping downward, this suggests the bearish momentum is increasing. LTC needs to decisively close above Fib. 0.236 ($64.60) to mount a formidable defense against any more declines this week. 
<h2 class="wp-block-heading" id="trx-bucks-the-trend-hits-4-month-high">TRX bucks the trend, hits 4-month high</h2> 
Tron (<a href="https://crypto.news/price/tron/">TRX</a>) was one of the few assets that bucked the overall bearish trend last week. 
TRX started the week with an indecisive bearing, but eventually increased 3.5% over four days to $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 immediately rebounded. 
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. 
 Read more: <a href="https://crypto.news/crypto-scammers-stole-nearly-60m-from-20-victims-in-h1-2024-data-shows/"> Crypto scammers stole nearly $60m from 20 victims in H1 2024, data shows </a>

Top cryptocurrencies to watch this week: BTC, LTC, TRX

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