Bitcoin (BTC) cut losses on Nov. 13, as the market showed little interest in US regulators refusing to allow an exchange-traded fund (ETF).
ETF rejection causes few market headaches
Data of Cointelegraph Markets Pro and TradingView showed calm conditions for BTC / USD over the weekend, the pair trading inside a $ 1,000 corridor.
News that the Securities and Exchange Commission (SEC) had refused to approve VanEck's Spot ETF product saw a dip towards the $ 60,000 support, but did not generate significant volatility.
The first of many decisions regarding spot ETFs, the VanEck episode came as no surprise to many, but the firm expressed "disappointment" at the outcome.
"We are disappointed with today's SEC update that rejected the approval of our physical bitcoin ETF," said Jan Van Eck. answered On twitter.
"We believe investors should be able to gain exposure to BTC through a regulated fund and that an ETF structure without futures is the superior approach."
Other commenters were more vocal, with Matias Dorta, vice president of marketing for asset manager Roundhill Investments, pointing to the downside to investors from eight years of rejections from the SEC.
"The SEC first rejected a $ BTC ETF in 2013. They successfully protected investors from gains of + 12,700%," he said. argument.
Weekly closing keeps everyone guessing
Moving on from rejection, traders meanwhile focused on the weekly close.
Related: Bitcoin To Hit $ 90K 'In The Next Weeks' Despite Pullback: Latest Technical Analysis
BTC / USD needed to stay above the resistance range in play from April's initial $ 64,900, popular trader Pentoshi said, constituting the key feature in the coming days.
2 days left, but basically what I'll be waiting for
- Pentoshi won't bother you. hates Dm's. DMs are scams (@ Pentosh1) November 12, 2021
Meanwhile, analyst Rekt Capital maintained a firmly bullish outlook on long-term price potential.
"All data science models suggest that BTC will peak much higher than $ 100,000 in this cycle," he said in one from a series of tweets on Friday.
Others pointed to the lack of evidence to suggest that the bull market had ended or was even threatened in its current stage.
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