Bitcoin resistance rises ahead of FOMC as Dogecoin sets 17-month BTC high
Bitcoin (BTC) remained flat at the November 1 Wall Street open as traders scrambled for clues about possible direction.
Hope for a breakout remains despite the BTC selling wall
Data from Cointelegraph Markets Pro and TradingView showed a narrow range for BTC/USD overnight, the day with local highs of $20,681 on Bitstamp.
The markets eagerly awaited news from the US central bank on interest rates, which were scheduled for 2:00 pm Eastern time on November 2.
Until then it was a case of “wait and see”, while chain monitoring resource Material Indicators noted that sales orders were already increasing.
“Binance order book is starting to look like a game of Tetris,” it in summary.
A chart showed that resistance was added just below $30,000 at the end of the month on October 31.
“If that $46m block of ~$30k falls into the active trading range, it’s going to hammer the price down. On the contrary, if it is lifted, BTC should run,” Material Indicators continued.
“Signaling from the FED on Wednesday could be a catalyst.”
Trader Crypto Tony, meanwhile, highlighted the potential for upside to re-enter based on recent results.
“Bulls stepped in at the right time to defend the support zone,” he tweeted along with an illustrative diagram.
“Now the question is whether we get a pump up from here, or a dip to remove the liquidity shortages and then pump.”
The monthly close had come in at around $20,500 for Bitcoin, marking a modest increase over September and October gains of 5.6%, according to data from Coinglass.
DOGE shares with ongoing bull run
The main story focused on altcoins on the day when Bitcoin ranged.
Related: BTC Price Sees ‘Double Top’ Ahead of FOMC – 5 Things to Know in Bitcoin This Week
Dogecoin (DOGE) continued with a boost received thanks to Tesla CEO Elon Musk. Dogecoin (DOGE) continued its rally on the day, reaching its highest since late April in USD terms and highest since June 2021 priced in BTC.
“A test of the $0.17 EQ level seems inevitable at this point,” Crypto Tony predicted in own analysis.
“No doubt we’ll continue to see more Doge tweets from the master himself Elon Musk.”
Others were less convinced, with fellow popular trader Anbessa warning against adding DOGE exposure at current levels.
“Careful, especially if you’re Fomo now and haven’t caught up on all the hype,” commented one section of Twitter read.
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