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Yesterday (October 6), the global cryptocurrency market cap increased by nearly 1%, reaching $964.04 billion during the early European session, with major cryptocurrencies trading in a tight range.

The DeFi market generated a trading volume of $3.41 billion based on 24-hour trading, which is 5.67% of the entire cryptocurrency market.

Bitcoin’s price has risen almost 3.38% in 7 days and is currently facing immediate resistance at the $20,450 price level. Meanwhile, ether rose 2.13% to $1,365 in the last 24 hours.

MKR is in the spotlight after gaining nearly 18% over the past seven days.

bitcoin price

The current Bitcoin price is $20,151.98, with a 24-hour trading volume of $3.6 billion. Bitcoin rose 0.21% in the last 24 hours and 3.7% in the 7th.

BTC Price and Tokenomics (Source: CoinMarketCap)

Bitcoin has now formed a descending triangle pattern extending key resistance near the $20,478 price level. Descending triangle patterns usually break on the downside, but the 50-day moving average provides immediate support near the $20,000 psychological price level.

Bitcoin Price Chart (Source: Trading View)

Technical indicators such as the Relative Strength Index (RSI) and Moving Averages Convergence and Divergence (MACD) indicate a buying trend.

As a result, a surge in Bitcoin demand is likely to form a bull market, and if the $20,450 resistance level is broken, BTC price could rise to the $21,905 or $22,750 level. Conversely, a decline to the $20,000 or $18,650 price level is also possible.

Ethereum price

The current Ethereum price is $1,369.17, with a 24-hour trading volume of $11.5 billion. Ethereum is up 2.58% over the past 24 hours.

ETH price and tokenomics (Source: CoinMarketCap)

On the technical side, the ETH/USD pair is showing a slightly bullish pattern after rebounding from the psychological support around $1,300. The daily uptrend line maintains the coin’s strength and extends key support near the $1,270 level.

On the upside, ETH formed a double top pattern, extending immediate resistance at the $1,402 price level. Ethereum also formed a tweezers bottom pattern indicating a possible bullish reversal. As a result, a bullish crossover above $1,402 creates the possibility of continuing the uptrend to $1,575 or $1,650. If there is a further upward breakout above this level, ETH may rise to the $1,795 level.

Ethereum Price Chart (Source: Trading View)

The RSI and MACD indicators are above 50 and 0 respectively, indicating a stronger bullish bias for Ethereum. This suggests that investors will look for a buying opportunity if the $1,402 price level is breached.

Maker (MKR) soars 18%

Currently, altcoins are exerting a great influence in the cryptocurrency market. Among these, the coin that stands out in particular is Maker. Maker is trading on a bull run, up almost 18% over the past 7 days. Because of this, investors who jumped into MKR in late September may have experienced a steep appreciation in value over the past two weeks.

MKR Price and Tokenomics (Source: CoinMarketCap)

The current maker price is $836.92, and the 24 hour trading volume is $40 million. According to CoinMarketCap data, Maker’s live market cap is $818 million, making it the 56th largest cryptocurrency today. The total supply of MKR coins is limited to 1,005,577, of which 977,631 are in circulation.

On the technical side, the MKR/USD pair has already reached the 50% Fibonacci retracement level of $895. MKR finished with a doji candle below the $895 resistance line, so I expect the uptrend to be exhausted soon and experience a slight bearish correction.

Maker Price Chart (Source: Trading View)

Referring to the 50-day moving average, MKR has immediate support at the $754 average price level. This next support level remains at $709. Conversely, a bullish breakout of the $887 level could push the MKR price from $968 to $1059.

Dollar strengthens ahead of nonfarm payrolls

With the recent surge in ADP figures in the US, it is expected that the cryptocurrency industry, including Bitcoin, will be greatly affected. On Wednesday, payroll services provider ADP said the US labor market was stronger than expected in September and private employers added more jobs than expected.

The 208,000 jobs added by businesses in September were more than Dow Jones’ previous forecast of 200,000, and a revised 185,000 jobs were added in August. This is an increase despite the loss of 29,000 jobs in commodity production, 13,000 in manufacturing and 16,000 in mining and natural resources.

A surge in US labor market data has investors expecting strong payroll figures for the US nonfarm sector on Friday. Stronger economic data usually has a negative impact on cryptocurrencies as it fuels expectations that the US Fed will raise interest rates sooner.

New altcoin news

New altcoins are making headlines alongside major cryptocurrencies. Tamadoji , a new meme coin project, is up nearly 472% from its all-time low of $0.01683. TAMA is attracting the attention of many investors due to its tremendous rise.

The most recent news related to TAMA is the announcement of an additional listing on a centralized exchange.

Specifically, TAMA is scheduled to be listed on BKEX Global at 9:00 PM on October 6th and Coinsbit at 9:00 PM on October 7th.

Another project currently receiving attention is IMPT . IMPT is a new project under development to make it easier for businesses and individuals to track and control their carbon footprint. The project will reward and incentivize users for their participation. The IMPT pre-sale, which is currently underway, has been a great success, raising over $1 million in 3 days.

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