Traders look to ‘buy the dip’ after spot ETF rejection sends Bitcoin price to $62K By Cointelegraph


© Reuters.

Bears swooped in to seize the higher hand on Nov. 12 after information that the United States Securities and Exchange Commission (SEC) had rejected the VanEck spot (BTC) exchange-traded fund (ETF) software made ripples by way of the crypto sphere and deflated the bullish momentum that had been constructing all through the week.

While many buyers had excessive hopes that the passage of a spot BTC ETF would ship the price of Bitcoin to the coveted $100,000 price stage, its denial was anticipated by others, together with Bloomberg senior ETF analyst Eric Balchunas, who positioned the odds of the SEC approving the VanEck fund at lower than 1%.

BTC/USDT 4-hour chart. Source: TradingView
4-hour chart. Source: Twitter (NYSE:)