The bears stepped in and got the upper hand on Nov. 12 after it was revealed that the U.S. Securities and Exchange Commission (SEC) had rejected VanEck’s Spot Traded Fund (ETF) application from VanEck, which had caused huge losses throughout the week.
While many investors had high hopes that the launch of a spot BTC ETF would push the price of Bitcoin to the coveted price point of $ 100,000, others awaited its rejection, including Bloomberg senior ETF analyst Eric Balchunas, who raised the approval rating of the SEC has set VanEck funds at less than 1%.
Data from Cointelegraph Markets Pro and TradingView show that after holding the $ 65,000 support on Nov. 11, the bulls’ defenses began to break early on Nov. 12, followed by a 4% decline to $ 62,280.
Despite BTC’s negative reaction to the ETF’s rejection, more seasoned traders said words of calm, including market analyst and Cointelegraph employee Michaël van de Poppe.
Spot ETFs on #Bitcoin rejected, which could fuel potentially negative market sentiment.
A rejection is not a bad reason, but the rule. Just hesitate until we get it.
And the price corrected -> just an opportunity to buy cheaper assets.
– Michaël van de Poppe (@CryptoMichNL) November 12, 2021
For those who are still optimistic about Bitcoin and crypto in general over the long term, van de Poppe sees this as a good opportunity to get good projects at a discount.
Related: SEC rejects VanEck Spot Bitcoin ETF as BTC price drops below $ 63,000
Higher lows and higher highs are both uptrends
A similar “buy-down” sentiment was expressed by an analyst and Twitter user nicknamed “Venturefounder”, posting the graph below, indicating that “Bitcoin is still making its 2nd high and 3rd low.
“After earning ATH at $ 69,000, seeing $ 60,000 as low again should be viewed as a gift. When BTC pulls back to $ 57,000 to $ 61,000 (not guaranteed), this is a great buy zone. $ 57,000 is also currently 50 DMA. “
The total crypto market cap is $ 2.766 trillion and the dominance of bitcoin is 43.2%.