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Merchants look to ‘purchase the dip’ after spot ETF rejection sends Bitcoin value to $62K

Bears swooped in to grab the higher hand on Nov. 12 after information that the USA Securities and Change Fee (SEC) had rejected the VanEck spot Bitcoin (BTC) Change Traded Fund (ETF) utility made ripples by the crypto-sphere and deflated the bullish momentum that had been constructing all through the week.

Whereas many buyers had excessive hopes that the passage of a spot BTC ETF would ship the worth of Bitcoin to the coveted $100,000 value stage, 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 lower than 1%.

Knowledge from Cointelegraph Markets Professional and TradingView exhibits that after holding assist at $65,000 on Nov. 11, the bull’s defensive position 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 adverse response to the ETF rejection, extra skilled merchants issued phrases of calm, together with market analyst and Cointelegraph contributor Michaël van de Poppe.

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

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

Larger lows and better highs are bullish

An analogous “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 increased excessive and the third increased low (for now).

BTC/USD 4-hour chart. Supply: Twitter

Venturefounder stated,

“Seeing low $60,000 once more after making ATH at $69,000 must be seen as a present. If BTC does get a pullback to $57,000-$61,000 (not assured), it is a superb 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 price is 43.2%.

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Each funding and buying and selling transfer includes danger, it is best to conduct your individual analysis when making a choice.