Traders Look To ‘Buy Down’ After Spot ETF Reject Sends Bitcoin Price To $ 62,000

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Bears rushed to gain the upper hand on November 12 after news that the United States Securities and Exchange Commission (SEC) had rejected VanEck’s request for VanEck’s spot Bitcoin (BTC) exchange-traded fund (ETF) rippled in the crypto sphere and deflated the bullish momentum that had been building throughout the week.

While many investors had high hopes that moving from a BTC ETF to spot would send the price of Bitcoin to the coveted $ 100,000 price level, its refusal was expected by others, including the senior analyst of Bloomberg ETF Eric Balchunas, who put the odds on SEC approval. the VanEck fund at less than 1%.

Data from Cointelegraph Markets Pro and TradingView shows that after holding support at $ 65,000 on November 11, the bull’s defensive line began to break early on November 12 and was followed by a 4% decline for hit a low of $ 62,280.

4 hour BTC / USDT chart. Source: TradingView

Even with BTC’s negative reaction to the ETF’s rejection, more experienced traders have spoken words of calm, including market analyst and Cointelegraph contributor Michaël van de Poppe.

ETF spot on #Bitcoin rejected, which could fuel potential negative sentiment in the markets.

Rejection is not a bad cause, it is the norm. Wait until we get it.

And correcting prices -> just a chance to start buying cheaper assets.

Positivity.

– Michaël van de Poppe (@CryptoMichNL) November 12, 2021

For those who remain long-term optimistic about Bitcoin and crypto in general, van de Poppe sees a good opportunity to pick up good projects at a discount.

Related: SEC Rejects VanEck Spot Bitcoin ETF As BTC Price Falls Below $ 63,000

Lows and highs are bullish

Analyst and Twitter pseudonym “Venturefounder”, who posted the following chart, pointed out that “Bitcoin has always hit the 2nd highest and 3rd lowest (so far).”

4 hour BTC / USD chart. Source: Twitter

Venturefounder said,

“Seeing $ 60,000 again after doing $ 69,000 ATH should be considered a giveaway. If BTC gets a withdrawal of $ 57,000 to $ 61,000 (unsecured), this is a great area to buy. $ 57,000 is also the 50DMA right now.

The overall cryptocurrency market capitalization now stands at $ 2.766 billion and Bitcoin’s dominance rate 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. Every investment and trading move comes with risk, you should do your own research before making a decision.

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