Bitcoin (BTC) cut its losses on November 13, as the market showed little interest in the refusal of US regulators to approve a spot exchange-traded fund (ETF).
The rejection of the ETF causes few headaches in the market
Data from Cointelegraph Markets Pro and TradingView showed calm conditions for the BTC / USD pair at the start of the weekend, with the price fluctuating within a corridor of USD 1,000.
News that the US Securities and Exchange Commission (SEC) had rejected VanEck’s application for the Spot ETF caused a slide toward the $ 60,000 support, but failed to trigger significant volatility.
The first of many decisions related to spot ETFs, the VanEck episode did not surprise many, but the company expressed “disappointment” at the result.
“We are disappointed in today’s SEC update rejecting the approval of our physical Bitcoin ETF,” answered Jan Van Eck On twitter.
“We believe investors should be able to gain exposure to BTC through a regulated fund and that an ETF structure without futures is the best approach.”
Other commentators were more forceful; Matías Dorta, Vice President of Marketing for Asset Manager Roundhill Investments, He pointed out the downsides to investors from eight years of rejections from the SEC.
“The SEC first rejected a BTC ETF in 2013. They successfully protected investors from gains of more than 12,700%,” argument.
The weekly closing has everyone on the edge of their seats
Following the rejection, the attention of traders is now on the weekly close.
The BTC / USD pair needed to stay above the resistance of the current range from the initial $ 64,900 in April, popular trader Pentoshi said, thus marking the key level to watch out for in the coming days.
2 days left but basically what I’ll be watching for
– Pentoshi Won’t Dm You. hates Dm’s. DM’s are scams (@ Pentosh1) November 12, 2021
There are 2 days left, but basically this is what I am going to be waiting for.
For his part, the analyst Rekt Capital maintained a strongly bullish outlook on long-term price potential.
“All data science models suggest that BTC will peak well above $ 100,000 in this cycle,” said in one of a series of tweets on Friday.
Others noted the lack of evidence to suggest that the bull market is over or even in jeopardy in its current stage.
Keep reading:
- Price Analysis Nov 12: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA
- All-time high and sudden drop: It has been a very dynamic week for the price of bitcoin
- Bitcoin would hit $ 90,000 ‘in the next few weeks’ despite pullback
- BitMEX CEO Predicts Bitcoin to Be Legal Tender in Five Countries by 2022
- Standard Chartered: Bitcoin price will hit $ 100,000 in 2021 or early 2022
- According to PlanB, the price of Bitcoin can reach $ 450,000 in 2021 and $ 135,000 in the “worst case”
- Chinese province official fired for violating cryptocurrency mining ban