The Bears struck to take the lead on November 12 after the news that the United States Securities and Exchange Commission (SEC) had rejected the VanEck spot Bitcoin (BTC) ETF application made waves through the cryptosphere and emptied the bullish momentum that had built up through the week.
While many investors had high hopes that the passage of a spot BTC ETF would send the price of Bitcoin to the coveted price level of $ 100,000, the denial was expected by others, including Bloomberg senior ETF analyst Eric Balchunas, who placed the odds that the SEC would approve VanEck fund of less than 1%.
Data from Cointelegraph Markets Pro and TradingView show that after holding support at $ 65,000 on November 1[ads1]1, the bull’s line of defense began to break early on November 12 and was followed by a 4% crash to a low of $ 62,280.
Even with BTC’s negative reaction to the ETF rejection, more experienced traders issued calm words, including market analyst and Cointelegraph contributor Michaël van de Poppe.
Spot the ETF on #Bitcoin rejected, which could lead to a potentially negative sentiment in the markets.
A rejection is not a bad thing, it is standard. Just procrastinate until we get it.
And prices that correct -> just a chance to start buying cheaper assets.
– Michaël van de Poppe (@CryptoMichNL) November 12, 2021
For those who remain long-term bullish on Bitcoin and crypto in general, van de Poppe sees this as a good opportunity to pick up good projects at a discount.
Related: The SEC rejects VanEck’s spot Bitcoin ETF as the BTC price falls below $ 63K
Higher slopes and higher altitudes are bullish
A similar “buy the dip” sentiment was expressed by analyst and pseudonym Twitter user ‘Venturefounder’, who posted the following chart, pointing to the fact that “Bitcoin still made the second higher high and the third higher low (for now ). “
Venture founder said,
“Seeing low $ 60,000 again after making ATH $ 69,000 should be seen as a gift. If BTC gets a $ 57,000- $ 61,000 withdrawal (not guaranteed), it’s an excellent buying zone. $ 57,000 is also 50DMA exactly now.”
The total market value of cryptocurrency is now 2.766 trillion dollars and Bitcoin’s dominance rate is 43.2%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should conduct your own research when making a decision.