Traders look to ‘buy the dip’ after spot ETF rejection sends Bitcoin price to $62K

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Bears swooped in to grab the higher hand on Nov. 12 after information that america Securities and Alternate Fee (SEC) had rejected the VanEck spot Bitcoin (BTC) exchange-traded fund (ETF) utility made ripples via the crypto sphere and deflated the bullish momentum that had been constructing all through the week. 

Whereas many traders had excessive hopes that the passage of a spot BTC ETF would ship the worth of Bitcoin to the coveted $100,000 value degree, its denial was anticipated by others, together with Bloomberg senior ETF analyst Eric Balchunas, who positioned the percentages of the SEC approving the VanEck fund at less than 1%.

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Knowledge from Cointelegraph Markets Pro and TradingView reveals that after holding help at $65,000 on Nov. 11, the bull’s line of defense started to interrupt early on Nov. 12 and was adopted by a 4% slide to a low of $62,280.

BTC/USDT 4-hour chart. Supply: TradingView

Even with BTC’s damaging response to the ETF rejection, extra skilled merchants issued phrases of calm, together with market analyst and Cointelegraph contributor Michaël van de Poppe.

For many who stay long-term bullish on Bitcoin and crypto typically, van de Poppe sees this as a great alternative to choose up good tasks at a reduction.

Associated: SEC rejects VanEck’s spot Bitcoin ETF as BTC price falls below $63K

Increased lows and better highs are bullish

The same “purchase the dip” sentiment was expressed by analyst and pseudonymous Twitter person ‘Venturefounder’, who posted the next chart, pointing to the truth that “Bitcoin nonetheless made the 2nd larger excessive and the third larger low (for now).”

BTC/USD 4-hour chart. Supply: Twitter

Venturefounder stated,

“Seeing low $60,000 once more after making ATH at $69,000 ought to be seen as a present. If BTC does get a pullback to $57,000–$61,000 (not assured), it is a wonderful purchase zone. $57,000 can also be the 50DMA proper now.”

The general cryptocurrency market cap now stands at $2.766 trillion and Bitcoin’s dominance charge is 43.2%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you need to conduct your individual analysis when making a call.