Focus on cryptocurrency market: Bitcoin, Litecoin and TRX

Focus on cryptocurrency market: Bitcoin, Litecoin and TRX

cryptocurrency market: Bear stress leads to massive losses

The cryptocurrency market was under massive pressure last week, which led to significant losses. This development affected Bitcoin (BTC), which was continuously lowered and exposed to strong sales pressure. This negative sentiment was also reflected in other cryptocurrencies, which led to the global crypto market capitalization fell by $ 140 billion and decreased to $ 2.11 trillion since the end of February.

Bitcoin - more than just one currency

The price of Bitcoin fell to a five-month low of $ 53,485 last week, but quickly recovered. Despite a slight recovery, BTC finished just over $ 58,000 with a loss of 4.5%. Bitcoin's course is currently below the $ 58,000 mark and has a further decline of 1.13%. To recover completely, BTC must be able to recapture the 20-day SMA ($ 61,509) and the upper Bollinger band ($ 66,676).

litecoin - downward trend continues

Litecoin (LTC) also had to accept losses last week, even though it initially had a effect. LTC recorded three consecutive intraday losses from July 3 to 5 and fell by 18.6%during this period. Despite a slight recovery on July 6, the week closed with a loss of 12.7%. In order to counteract further declines, LTC must be well above the FIB. Hold 0.236 ($ 64.60).

tron - positive development under negative trend

A surprising outlier last week was Tron (TRX), which defied the general bear trend and reached a four-month high. Trx rose by 3.5% to $ 0.12997 on July 3 for over four days. Despite a short -term decline, Tron quickly had a recovery and reached a four -month high of $ 0.13028 on July 6th. The week ended with an increase of 3.5% for tron.

Outlook for the coming weeks

In a volatile and uncertain market, the top performers of the week, Bitcoin, TRX and LTC, show different developments. While Bitcoin has to struggle with sales pressure and LTC books losses, Trx was able to fight the trend thanks to its resilience. It remains to be seen how these cryptocurrencies will develop in the next few weeks and whether they can continue to perform positive services

The past week again illustrated the high volatility of the cryptoma market, which carries both opportunities and risks. The performance of Bitcoin, Litecoin and Tron illustrates the challenges that are exposed to digital currencies and how they react to market conditions. Investors should be aware that cryptocurrencies are associated with risks and it is crucial to pursue developments carefully.

- Nag