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The Dip was bought in no time after spot ETF rejection sends Bitcoin price to $62K

The SEC’s rejection of VanEck’s spot Bitcoin ETF application may have influenced Nov. 12’s drop to $62,000, however most traders view the correction as a buying opportunity.

Bears swooped in to capture the top hand on Nov. 12 after news that the United States Securities and Exchange Commission (SEC) had rejected the VanEck spot Bitcoin (BTC) exchange-traded fund (ETF) application made ripples through the crypto sphere and deflated the bullish momentum that had been constructing at some stage in the week.

While many investors had high hopes that the passage of a spot BTC ETF would send the charge of Bitcoin to the coveted $100,000 fee level, its denial was anticipated by using others, along with Bloomberg senior ETF analyst Eric Balchunas, who placed the odds of the SEC approving the VanEck fund at less than 1%.

Data shows that after conserving support at $65,000 on Nov. 11, the bull’s protecting line began to break early on Nov. 12 and was observed through a 4% slide to a low of $62,280.

image 2021 11 12T20 44 50 464Z

Even with BTC’s bad reaction to the ETF rejection, more skilled merchants issued words of calm.

For those who continue to be long-term bullish on Bitcoin and crypto in general, van de Poppe sees this as a exact chance to pick up good tasks at a discount.

Higher lows and greater highs are bullish.

A comparable “buy the dip” sentiment used to be expressed through analyst and pseudonymous Twitter user ‘Venturefounder’, who posted the following chart, pointing to the truth that “Bitcoin nevertheless made the 2nd higher high and the third greater low (for now).

image 2021 11 12T20 47 20 636Z

Seeing low $60,000 again after making ATH at $69,000 ought to be considered as a gift. If BTC does get a pullback to $57,000–$61,000 (not guaranteed), it is an exceptional buy zone. $57,000 is also the 50DMA proper now.

The typical cryptocurrency market cap now stands at $2.766 trillion and Bitcoin’s dominance rate is 43.2%.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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