The Bears stepped in to seize power on November 12 after the news that the US Securities and Exchange Commission (SEC) rejected an application for the VanEck Spot Bitcoin (BTC) ETF, triggered a wave in the crypto space and dampened an upward momentum that has built up. the whole week. …

While many investors had high hopes that the transfer of the spot BTC ETF would cause the bitcoin price to fall to the $ 100,000 price suggestion level, the rejection was expected by others, including Eric Balchunas, chief ETF analyst at Bloomberg. which defined the prospects for the Securities and Exchange Commission. (SEC) approval. VanEck Fund with less than 1%.

Cointelegraph Markets Pro and TradingView data show that after holding support at $ 65,000 on November 11, the bull’s protection line began breaking early on November 12, followed by a 4% decline to a low of $ 62,280.

4-hour BTC / USDT chart. Source: TradingView
While the BTC reacted negatively to the departure of the ETF, more experienced traders, including market analyst and Cointelegraph contributor Michael van de Poppe, expressed calm.

For those who are optimistic about Bitcoin and cryptocurrency in the long term, van de Poppe sees this as a good opportunity to get good projects at a discount.

RELATED: The SEC Rejects the VanEck Spot ETF As BTC Rates Fall Below $ 63,000

Higher bottoms and higher peaks are bullish
A similar buy-on-error sentiment was expressed by analyst and Twitter username “Venturefounder”, who posted the following chart, noting the fact that “Bitcoin is still the second highest and third bottom (for now).”

4-hour BTC / USD chart. Source: Twitter
The founder of the venture fund said:

“Seeing a minimum of $ 60,000 left after being offered $ 69,000 by ATH should be considered a gift. If BTC rolls back to $ 57,000 – $ 61,000 (not guaranteed), it’s a great buy. $ 57,000 as well. 50DMA right now. ”
The total market value of cryptocurrency is now 2.766 trillion dollars, and the bitcoin dominance is 43.2%.

Source: CoinTelegraph