As Dogcoin Hits 17-Month BTC High, Bitcoin Resistance Rises Ahead of FOMC

DOGE continues to outperform the Fed among major cryptocurrencies and macro volatility ensues.

Bitcoin traders were motionless as Wall Street opened on November 1 looking for clues as to possible direction.

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

Despite BTC Sell Wall, Breakout Hopes

Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD fluctuated narrowly overnight, hitting a local high of $20,681 on Bitstamp on the day.

The market eagerly awaits news from the U.S. Federal Reserve on interest rates, which are scheduled to be released at 2 p.m. ET on Nov. 2.

Until then, it's a "wait-and-see" situation, and Material Indicators, an on-chain monitoring resource, notes that sell orders are already increasing.

"The Cryptocurrency order book is starting to look like a game of Tetris," it concluded.

The charts show increased resistance at the October 31 monthly close just below $30,000.

"If this $46 million block of about $30,000 falls into the active trading range, it will depress the price. Conversely, if it is lifted, BTC should run," Material Indicators continued.

    "The signal from the Federal Reserve on Wednesday could be the catalyst."

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

Meanwhile, trader Crypto Tony highlighted the potential to re-enter the upside based on recent performance.