DOGE continues to outdo among major cryptocurrencies with macro volatility incoming due to the Fed.
Bitcoin stayed inactive at the Nov. 1 Wall Street open as traders rooted for clues over a possible direction.
Hopes of a breakout remain despite BTC sell wall
Data showed a narrow range in place for BTC/USD overnight, the day seeing native highs of $20,681 on Bitstamp.
Markets were keenly awaiting news from the us federal reserve on interest rates, that is scheduled for 2:00 pm Eastern Time on Nov. 2.
Until then, it I a case of “wait and see,” whereas on-chain observance 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 more slightly below $30,000 at the Oct. 31 monthly shut.
"If that $46M block at ~$30k drops into the active trading vary, it’s going to hammer value down. To the contrary, if it gets raised BTC ought to run,” Material Indicators continuing.
“Signaling from the FED on Wednesday could be a catalyst.”
Trader Crypto Tony, meanwhile, highlighted the potential for side to reenter supported recent performance.
“Bulls stepped in at the proper time to defend the support zone,” he tweeted aboard 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 shut came in at around $20,500 for Bitcoin, marking a modest increase over Sep and October’s 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 lift received courtesy of Tesla CEO Elon Musk, Dogecoin furthered gains on the day, reaching its highest since late April in U.S. dollar terms and highest since June 2021 priced in BTC.
“A test of $0.17 equivalent level appears 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 well-liked trader Anbessa cautioning on adding jurist exposure at current levels.
“Caution, especially if you Fomo now & haven’t caught the full move,” a part of Twitter comments read.
( William Suberg, Cointelehgraph, 2022 )