Categories: Bitcoin

Traders who want to “buy off” spot ETFs after being rejected can raise the Bitcoin price

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.

BTC / USDT 4-hour chart. Source: TradingView

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.

https://twitter.com/CryptoMichNL/status/1459201336856268800?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

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.

BTC / USD 4-hour chart. Source: Twitter

Venturefounder said

“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%.

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.