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

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