Bitcoin Price and Ethereum on the Rise, Maker Price Storms 18%

cryptonews.com:

The global crypto market cap on Thursday increased by 0.94%, reaching $964.04 billion during the early European session. Contrarily, the 24-hour volume of all cryptocurrencies has dropped to $60.15 billion, a decrease of 0.90% from the previous day. However, major cryptocurrencies were trading in a narrow range. 

DeFi accounted for $3.41B in 24-hour trading, or 5.67% of the whole cryptocurrency market. The total stablecoin volume was $55.75 billion, or 92.69% of the entire 24-hour volume of the cryptocurrency market.

Bitcoin's price is rising, having jumped nearly 3.38% in seven days and now encountering immediate resistance near $20,450. At the same time, Ethereum's price has increased by 2.13% in the last 24 hours to $1,365. Furthermore, MKR is in the spotlight after rising nearly 18% in the last seven days.

The current Bitcoin price is $20,151.98, with a $3.6 billion 24-hour trading volume. Bitcoin is up 0.21% in the last 24 hours and 3.70% in the last seven days. 

CoinMarketCap currently holds the top spot, with a live market capitalization of $386,331,986,076. The maximum supply is 21,000,000 BTC coins, with a circulating supply of 19,170,918. 

Bitcoin has formed a descending triangle pattern, extending major resistance near the $20,478 level. The descending triangle pattern typically breaks on the lower side, but the 50-day moving average provides immediate support near the $20,000 psychological level. 

Leading technical indicators like the relative strength index (RSI) and moving average convergence and divergence (MACD) point to a buying trend. 

As a result, a surge in Bitcoin demand has the potential to start an uptrend, and a break of the $20,450 resistance level can push BTC price up to $21,905 or 22,750 levels. On