A correction continues for the Bitcoin price, but it may be still up in the air, and proponents seem to be on tenterhooks. Massive sell orders swooped into hedge dominance of the flagship asset on November 12th. Post the SECs latest turndown of VanEck’s spot ETF application.
While a majority of the traders had high hopes that the approval of Spot ETF would send BTC price beyond $85k, its denial has put them in low spirits. However, proponents and influencers across the space believe that more dip is incoming, while some of them refer to the latest dip as the best buy opportunity.
More Bitcoin Dip Is Incoming?
The crux spot for the Bitcoin bears might be far than expected, analytics given by Will Clemente highlight the same. The analyst expressed his concerns over the drop in the open positions of the BTC and the flat funding rate. The latest drop shows a cautious move of the institutional traders.
Further, Glassnode, an on-chain crypto platform, also notes that one-month futures interest in an extreme downward direction, which means investors are traded at a discount to current spot prices. Moreover, Bitcoin’s open interest in perpetual futures contracts records a four-month low of $500,571,669.68. Which is generally an indication of an oncoming bear market.
Yet Bitcoin Price Would Reach This Target in Short Term!
Tradingshot, a crypto analyst platform is hopeful Bitcoin’s price to reach $68,949 in the short term. Meanwhile, the 4-hour chart shared in the trading view highlights the rising strength in the 200MA trend line. Which is trading close to the October 20th high of $68k, forming it as a key pivot line.
Moreover, the Bitcoin price has retested the pivot trend line 4 times post claiming ATH of $67,304 on October 20th. The asset has failed to break the above resistance for two consecutive times yet it has succeeded 3rd time claiming $69k, later $62.5k acted as crucial support. Furthermore, the analyst expects the star crypto to reclaim $68,949 in the short term. On the contrary, the asset would settle around $50k.
Collectively, crypto proponents and enthusiasts cite the latest Bitcoin dip as the best buy opportunity. Analyst Micheal Van De Poppe is hopeful of Spot ETF approval in future prospects. The latest rejection would be for the correction of loopholes, and the opportunity to invest when digital assets are cheap, he added.