Bitcoin Resistance Rises Ahead of FOMC as Dogecoin Hits 17-Month BTC High

DOGE continues to outperform among major cryptocurrencies with incoming macro volatility thanks to the Fed.

Market Update

Bitcoin (BTC) sat flat at Wall Street's open on Nov. 1 as traders searched for clues on a 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, with the day hitting local highs of $20,681 on Bitstamp.

Markets have been eagerly awaiting interest rate news from the US Federal Reserve, which is scheduled for 2:00 p.m. Eastern Time on November 2.

So far this has been a "waiting" case, while on-chain monitoring resource Material Indicators noted that sell orders are already increasing.

"Binance's order book is starting to look like a game of Tetris," he sums up.

A chart showed resistance adding just below $30,000 on the October 31 monthly close.

“If this block of $46 million at around $30,000 falls within the active trading range, it will drive the price down. On the contrary, if lifted, BTC should work,” Material Indicators continued.

"The Fed's signal on Wednesday could be a catalyst."

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

Crypto trader Tony, meanwhile, pointed to the potential for a comeback to the upside based on recent...