Bitcoin resistance mounts pre-FOMC as Dogecoin sets 17-month BTC high

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Bit­coin (BTC) stayed motion­less at the Nov. 1 Wall Street open as traders root­ed for clues over pos­si­ble direction.

BTC/USD 1‑hour can­dle chart (Bit­stamp). Source: TradingView

Hopes of a breakout remain despite BTC sell wall

Data from Coin­tele­graph Mar­kets Pro and Trad­ingView showed a nar­row range in place for BTC/USD overnight, the day see­ing local highs of $20,681 on Bitstamp.

Mar­kets were keen­ly await­ing news from the Unit­ed States Fed­er­al Reserve on inter­est rates, these sched­uled for 2pm East­ern time on Nov. 2.

Until then, it was a case of “wait and see,” while on-chain mon­i­tor­ing resource Mate­r­i­al Indi­ca­tors not­ed sell-orders already increasing.

“The binance order book is start­ing to look like a game of Tetris,” it sum­ma­rized.

A chart showed resis­tance being added at just below $30,000 at the Oct. 31 month­ly close. 

“If that $46M block at ~$30k drops into the active trad­ing range, it’s going to ham­mer price down. To the con­trary, if it gets lift­ed BTC should run,” Mate­r­i­al Indi­ca­tors continued. 

“Sig­nal­ing from the FED on Wednes­day could be a catalyst.”

BTC/USD order book data (Binance). Source: Mate­r­i­al Indicators/ Twitter

Trad­er Cryp­to Tony mean­while high­light­ed the poten­tial for upside to reen­ter based on recent performance. 

“Bulls stepped in at the right time to defend the sup­port zone,” he tweet­ed along­side an illus­tra­tive chart. 

“Now the ques­tion is do we get a pump up from here, or dip to take out the liq­uid­i­ty lows then pump.”

BTC/USD anno­tat­ed chart. Source: Cryp­to Tony/ Twitter

The month­ly close had come in at around $20,500 for Bit­coin, this mark­ing a mod­est increase over Sep­tem­ber and Octo­ber gains of 5.6%, accord­ing to data from Coin­glass.

BTC/USD month­ly returns chart (screen­shot). Source: Coinglass

DOGE divides with ongoing bull run

The main sto­ry focused on alt­coins on the day as Bit­coin ranged.

Relat­ed: BTC price sees ‘dou­ble top’ before FOMC — 5 things to know in Bit­coin this week

Con­tin­u­ing a boost received cour­tesy of Tes­la CEO Elon Musk, Doge­coin (DOGE) fur­thered gains on the day, reach­ing its high­est since late April in USD terms and high­est since June 2021 priced in BTC.

“A test of $0.17 EQ lev­el seems inevitable at this point,” Cryp­to Tony pre­dict­ed in sep­a­rate analysis. 

“No doubt we will con­tin­ue see­ing more Doge tweets from the mas­ter him­self Elon Musk.”

Oth­ers were less con­vinced, with fel­low pop­u­lar trad­er Anbessa cau­tion­ing on adding DOGE expo­sure at cur­rent levels.

“Cau­tion, espe­cial­ly if you Fomo now & haven’t caught the whole move,” part of Twit­ter com­ments read.

DOGE/BTC 1‑week can­dle chart (Binance). Source: TradingView

The views and opin­ions expressed here are sole­ly those of the author and do not nec­es­sar­i­ly reflect the views of Cointelegraph.com. Every invest­ment and trad­ing move involves risk, you should con­duct your own research when mak­ing a decision. 



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