Bitcoin rejected at $75,000 as PEPE falls 12% and market cap slips to $2.44T

A rebound that stopped at $75,000

Bitcoin's attempt to recover was rejected at $75,000 on 11 November, and the price fell to about $73,400 by the time CryptoPotato published on 12 November. That is roughly $1,500 below the level where the rebound stalled.

The move follows a volatile week. After the US midterm elections, bitcoin dropped to $75,600, then rose to $81,000 within 12 hours, according to the report. A day later it fell back below $76,000, and on the Friday it reached $74,800.

The weekend was calmer, with bitcoin near $76,000. Monday brought a sharper drop to $73,800. A recovery attempt on Tuesday was stopped at $75,600, and after the CPI reading the price hit a multi-month low of $72,800. Wednesday saw a climb to $74,800 before the rejection at $75,000.

Altcoins and market breadth

Most large altcoins followed bitcoin lower. Ethereum slid more than 0.5% and was struggling to stay above $2,050. BNB fell 1.3% to $673, and XRP traded just above $1.05. SOL, TRX, HYPE, ZEC, DOGE, XMR and LINK were also down, with ZEC still below $1,000.

PEPE was the weakest performer in the report, losing 12%. QNT, ENA, AAVE, RAIN and BTW also posted steep declines. ICP, CRO and WLFI were among the few tokens that gained.

Bitcoin's market capitalization stood at $1.470 trillion, and its share of the total market rose above 60.5%. The total crypto market cap fell 0.5% to $2.440 trillion, based on CoinMarketCap figures cited in the report.

What the report does not settle

The report links the Tuesday low to the CPI reading but does not say how the data moved prices. It also gives no explanation for the rejection at $75,000 beyond the price action itself.

The figures are a snapshot from the time of publication on 12 November. The report does not say whether bitcoin held above $73,000 after that point.