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

Bitcoin (BTC) stayed motionless astatine the Nov. 1 Wall Street unfastened arsenic traders rooted for clues implicit imaginable direction.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Hopes of a breakout stay contempt BTC merchantability wall

Data from Cointelegraph Markets Pro and TradingView showed a constrictive scope successful spot for BTC/USD overnight, the time seeing section highs of $20,681 connected Bitstamp.

Markets were keenly awaiting news from the United States Federal Reserve connected involvement rates, these scheduled for 2pm Eastern clip connected Nov. 2.

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

“The binance bid publication is starting to look similar a crippled of Tetris,” it summarized.

A illustration showed absorption being added astatine conscionable beneath $30,000 astatine the Oct. 31 monthly close.

“If that $46M artifact astatine ~$30k drops into the progressive trading range, it's going to hammer terms down. To the contrary, if it gets lifted BTC should run,” Material Indicators continued.

“Signaling from the FED connected Wednesday could beryllium a catalyst.”

BTC/USD bid publication information (Binance). Source: Material Indicators/ Twitter

Trader Crypto Tony meantime highlighted the imaginable for upside to reenter based connected caller performance.

“Bulls stepped successful astatine the close clip to support the enactment zone,” helium tweeted alongside an illustrative chart.

“Now the question is bash we get a pump up from here, oregon dip to instrumentality retired the liquidity lows past pump.”

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

The monthly adjacent had travel successful astatine astir $20,500 for Bitcoin, this marking a humble summation implicit September and October gains of 5.6%, according to information from Coinglass.

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

DOGE divides with ongoing bull run

The main communicative focused connected altcoins connected the time arsenic Bitcoin ranged.

Related: BTC terms sees ‘double top’ earlier FOMC — 5 things to cognize successful Bitcoin this week

Continuing a boost received courtesy of Tesla CEO Elon Musk, Dogecoin (DOGE) furthered gains connected the day, reaching its highest since precocious April successful USD presumption and highest since June 2021 priced successful BTC.

“A trial of $0.17 EQ level seems inevitable astatine this point,” Crypto Tony predicted successful abstracted analysis.

“No uncertainty we volition proceed seeing much Doge tweets from the maestro himself Elon Musk.”

Others were little convinced, with chap fashionable trader Anbessa cautioning connected adding DOGE vulnerability astatine existent levels.

“Caution, particularly if you Fomo present & haven’t caught the full move,” portion of Twitter comments read.

DOGE/BTC 1-week candle illustration (Binance). Source: TradingView

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