After the spot ETF refused to push the price of Bitcoin to $62,000, traders wanted to “buy on dips”


On November 12, it was reported that the U.S. Securities and Exchange Commission (SEC) rejected VanEck spot Bitcoin (Bitcoin) The application of the Exchange Traded Fund (ETF) caused ripples in the crypto space and weakened the bullish momentum built throughout the week.

Although many investors have high hopes that the passing of the spot BTC ETF will bring the price of Bitcoin to the coveted $100,000 price level, others are expected to deny this, including Bloomberg senior ETF analyst Eric · Eric Balchunas, who provided odds for the US Securities and Exchange Commission Approval of VanEck Fund at a rate of less than 1%.

Data from Cointelegraph Markets Pro with Transaction view It shows that after maintaining the support level at $65,000 on November 11, the bulls’ defense line began to break early on November 12, and then fell 4% to a low of $62,280.

BTC/USDT 4-hour chart. Source: TradingView

Even if BTC refused to react negatively to the ETF, more experienced traders issued calm words, including market analyst and Cointelegraph writer Michaël van de Poppe.

For those who are optimistic about Bitcoin and cryptocurrencies for a long time, van de Poppe thinks this is a good opportunity to buy good projects at discounted prices.

related: As the BTC price fell below $63,000, the SEC rejected VanEck’s spot Bitcoin ETF

Higher lows and higher highs are bullish

The analyst and pseudonym Twitter user “Venture Founder” expressed a similar “buy on dips” sentiment. He released the following chart, stating that “Bitcoin is still setting its second high and third low (currently)”.

BTC/USD 4-hour chart.Source: Twitter

The entrepreneur said,

“After acquiring ATH at a price of $69,000, seeing the low of $60,000 again should be considered a gift. If BTC does pull back to $57,000 to $61,000 (not guaranteed), then this is a good buying area . US$57,000 is now 50DMA.”

The overall market value of cryptocurrencies is now $2.766 trillion, and Bitcoin’s dominance rate is 43.2%.

The views and opinions expressed herein are the views of the authors and do not necessarily reflect the views Cointelegraph.com. Each investment and trading actions involve risks, you should conduct their own research when making a decision.