The bears swooped in to take the lead on November 12 after news that the United States Securities and Exchange Commission (SEC) had rejected VanEck’s application from the Bitcoin (BTC) spot exchange-traded fund impacted the crypto space and deflated the upward momentum that had been building. forming throughout the week.
While many investors had high hopes that the approval of a spot BTC ETF would send the price of the cryptocurrency to the coveted $ 100,000 price level, his rejection was expected by others, including Bloomberg’s senior ETF analyst Eric Balchunas, who put the odds that the SEC would approve the VanEck fund at less than 1%.
Data from Cointelegraph Markets Pro and TradingView show that After holding support at $ 65,000 on November 11, the bulls’ defense line began to break down early on November 12 and was followed by a 4% slide to a low of $ 62,280.
Even with BTC’s negative reaction to the rejection of the ETF, more experienced traders spoke words of calm, including market analyst and Cointelegraph contributor, Michaël van de Poppe.
Spot ETF on #Bitcoin rejected, which might be fueling a potential negative sentiment on the markets.
A rejection isn’t a bad cause, it’s standard. Just delay until we get it.
And prices that are correcting -> just a chance to start buying cheaper assets.
Positivity.
– Michaël van de Poppe (@CryptoMichNL) November 12, 2021
The Bitcoin Spot ETF was rejected, which could be fueling possible negative sentiment in the markets.
A rejection is not a bad cause, it is normal. It’s just a delay until it’s approved.
And regarding the prices that are being corrected -> just an opportunity to start buying cheaper assets.
Positivity
For those who remain long-term bullish on Bitcoin and cryptocurrencies in general, van de Poppe sees this as a good opportunity to buy good project tokens at a discount.
Higher lows and highs are bullish
A similar feeling of “buy the fall “ was expressed by the analyst and pseudonymous Twitter user ‘Venturefounder’, who posted the following chart pointing to the fact that “Bitcoin still made the second highest high and third highest low (for now)”.
Venturefounder said:
“Seeing a low of $ 60,000 from the all-time high of $ 69,000 should be seen as a gift. If BTC pulls back to $ 57,000 – $ 61,000 (not guaranteed), it is an excellent buy zone. $ 57,000 is also average. 50-day mobile currently “.
Total cryptocurrency market capitalization currently stands at $ 2.766 trillion and Bitcoin’s dominance index 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. Each investment and commercial movement involves risks, you must do your own research when making a decision.
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