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

Published at: Nov. 1, 2022

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

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.”

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.”

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.

DOGE divides with ongoing bull run

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

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.

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