The first week of July introduced bearish pressure, leading to massive losses in the crypto market. Bitcoin (BTC<\/a>) led the downtrend, as it consistently recorded lower lows amid sustained selling pressure.<\/p>\n 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.<\/p>\n Here are our top picks for cryptocurrencies to watch this week following their noteworthy performances during the downtrend last week:<\/p>\n Bitcoin\u2019s 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 divergence<\/a> from U.S. equities, currently in their bullish stage.<\/p>\n BTC was subjected to its toughest bearish selling pressure this year, as bankrupt exchange Mt. Gox began<\/a> creditor repayments, the German government distributed<\/a> thousands of BTC tokens, new holders began<\/a> selling off their assets and miners showed<\/a> signs of capitulation.<\/p>\n 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.<\/p>\n 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\u2019s hopes of a full recovery hinge on its ability to reclaim the 20-day SMA ($61,509) and the upper Bollinger Band ($66,676).<\/p>\n Litecoin (LTC<\/a>) was one of the numerous victims of last week\u2019s market collapse. The asset showed resilience at the start of the week, largely consolidating from June 30 to July 2.\u00a0<\/p>\n 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.\u00a0<\/p>\n Litecoin\u2019s MACD line crossed below the Signal line on July 4, confirming the bearish<\/a> momentum.\u00a0<\/p>\n 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.<\/p>\n![\"Top](\"https:\/\/crypto.news\/app\/uploads\/2024\/07\/Bitcoin-BTC-17.48.46-07-Jul-2024-1024x347.png.webp\"\/)
\n<\/picture>Bitcoin drops to 5-month low<\/h2>\n
LTC slumps 12%<\/h2>\n
TRX bucks the trend, hits 4-month high<\/h2>\n