Traders look to ‘buy the dip’ after spot ETF rejection sends Bitcoin

Bears swooped in to seize the upper hand on Nov. 12 after news that the United States Securities and Exchange Commission (SEC) had rejected the VanEck spot (BTC) exchange-traded fund (ETF) application made ripples through the crypto sphere and deflated the bullish momentum that had been building throughout the week.

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