On November 12, it was reported that the U.S. Securities and Exchange Commission (SEC) rejected VanEck spot Bitcoin (Bitcoin) The application of the Exchange Traded Fund (ETF) caused ripples in the crypto space and weakened the bullish momentum built throughout the week.
Although many investors have high hopes that the passing of the spot BTC ETF will bring the price of Bitcoin to the coveted $100,000 price level, others are expected to deny this, including Bloomberg senior ETF analyst Eric · Eric Balchunas, who provided odds for the US Securities and Exchange Commission Approval of VanEck Fund at a rate of less than 1%.
Data from Cointelegraph Markets Pro with Transaction view It shows that after maintaining the support level at $65,000 on November 11, the bulls’ defense line began to break early on November 12, and then fell 4% to a low of $62,280.
Even if BTC refused to react negatively to the ETF, more experienced traders issued calm words, including market analyst and Cointelegraph writer Michaël van de Poppe.
Spot ETF #Bitcoin Rejection, which may contribute to potential negative sentiment in the market.
Rejection is not a bad thing, it is standard. Wait till we get it.
Prices are correcting -> just an opportunity to start buying cheaper assets.
— Michaël van de Poppe (@CryptoMichNL) November 12, 2021
For those who are optimistic about Bitcoin and cryptocurrencies for a long time, van de Poppe thinks this is a good opportunity to buy good projects at discounted prices.
Higher lows and higher highs are bullish
The analyst and pseudonymous Twitter user “Venture Founder” expressed a similar “buy on dips” sentiment. He released the following chart, stating that “Bitcoin is still setting its second high and third low (currently).
The entrepreneur said,
“After acquiring ATH at a price of $69,000, seeing the low of $60,000 again should be considered a gift. If BTC does pull back to $57,000 to $61,000 (not guaranteed), this is a good buying area . US$57,000 is now 50DMA.”
The overall market value of cryptocurrencies is now $2.766 trillion, and Bitcoin’s dominance rate is 43.2%.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.