• The crypto markets rallied on July 6 before dropping back as Bitcoin prices failed to hold above $31,000.
• Several altcoins, such as FET, STORJ, MATIC, ADA, and FLOKI, saw their prices drop.
• Christian Hazim of Global X said that the renewed institutional interest in the crypto sector was a sign of positive market momentum but cautioned that there might be increased volatility ahead of the BTC halving event.
Crypto Market Rally Fails To Sustain
The crypto markets rallied on July 6 before dropping back as Bitcoin prices failed to hold above $31,000. Several altcoins, including FET, STORJ, MATIC, ADA, and FLOKI saw their prices dip. BCH price jumped 13% before bears took control over its price action.
BTC Price Reaches New One-Year High
BTC price hit a high of $31,500 marking a new one-year high before bears pulled it back down. Christian Hazim from Global X commented on the renewed institutional interest in the crypto sector being a sign of positive market momentum. However he warned that volatility could increase ahead of the upcoming BTC halving event.
FET Price Drops Over 13% In Under 3 Days
Fetch AI’s token FET dropped 13.6% since July 3 to form a daily low near $0.216 on July 6th. If this downtrend continues then we could see FET retest its support level near $0.204 which it last saw in June this year and possibly even breach it all together and drop to its support near $0.17 before recovering again later on.
Positive Hype Around AI Projects
Despite the bearishness we have seen from some tokens like FET there is still some hype around AI projects which could attract buyers to the market which would help push up FET’s price towards its 50-day EMA resistance near $0.236 or even break through it and reach its 100-day EMA and 200-day EMA resistance confluence near $0.26 if enough bullish momentum is generated by developments within this sector overall .
Overall sentiment for crypto remains positive with institutional investors stepping into the space but caution should be taken due to increased volatility expected leading up to BTC’s halvening event later this year .