Bitcoin (BTC) pared its losses on November 13 when the market showed little interest in US regulators who refused to mandate an instant fund (ETF).
1 hour BTC/USD light chart (bit print). Source: TradingView
ETF rejection does not cause market problems
Cointelegraph Markets Pro and TradingView data showed calm conditions for BTC/USD over the weekend, with the pair trading in the $1,000 corridor.
The news that the Securities and Exchange Commission (SEC) refused to approve the VanEck Spot ETF fell to the $60,000 support but did not generate much volatility.
The episode with VanEck, the first of several decisions related to spot ETFs, came as no surprise to many, but the company did express “disappointment” with the outcome.
Yang Van Eyk replied on Twitter: “We are disappointed that the Securities and Exchange Commission (SEC) today refused to approve an actual Bitcoin ETF.”
“We believe that investors should be able to access BTC through a regulated fund, and a non-forward ETF structure is the best approach.”
Other commentators were even louder: Matthias Durta, vice president of marketing at management firm Roundhill Investments, pointed to investor flaws from eight years of SEC dismissal.
“The Securities and Exchange Commission rejected a USD BTC ETF for the first time in 2013. They shielded investors from a +12,700% return,” he said.
Bitcoin ETF timeline. Source: Arcane Research
Weekly closing keeps everyone guessing
Moving away from rejection, traders, meanwhile, focused on closing the week.
RELATED: Bitcoin Will Reach $90,000 In Coming Weeks Despite Conclusion – Latest Technical Analysis
According to popular trader Pentoshi, BTC/USD should remain above the gaming range resistance from the first $64,900 since April, which is a major advantage in the coming days.
Meanwhile, co-analyst Rekt Capital had an optimistic and confident view of the long-term price potential.
“All computer models are assuming that the peak of BTC in this cycle will be well above $100,000,” he said in one of the series of tweets on Friday.
Others pointed to the lack of evidence of a beef market shutdown or even a threat at this point.