Bitcoin Struggles to Hold Above $74,000 as Market Falls and Total Value Stabilizes
Key Facts
Bitcoin struggled to hold above $74,000 on November 10 after its recovery stalled at $75,000, according to a report published by CryptoPotato. The move kept the leading cryptocurrency under pressure after it rebounded to the higher level, as it returned to trading near the threshold it had been struggling to maintain. Meanwhile, total cryptocurrency market capitalization remained at roughly the same level as the previous day, according to the same report. Bitcoin’s move came amid volatile trading, with major cryptocurrencies and some smaller assets showing mixed performance.
PI was the report’s standout exception. The Pi Network token set a new all-time low below $0.0635 the day before the report was published. It then reversed course, rising 10% over 24 hours to reach $0.07 at the time of publication on November 10. The move took the token from a new low to daily gains, while Bitcoin struggled to hold $74,000. The price of $0.07 provides a comparison with PI’s low the previous day, without undoing the record low. The report described the rebound as strong following the earlier decline.
These moves coincided with Bitcoin’s inability to rise above $74,000, but that does not mean the report described them as a break of earlier technical support levels. The figures show divergent moves among assets during the session, with Ether and XRP falling while PI rebounded. The report did not give a single figure for the change in the market’s total value.
Bitcoin closed at $75,368.41 on November 9, according to EL7 data, before struggling to hold $74,000 the following day. That previous close provides a time context for the move, but it refers to the November 9 session and is not Bitcoin’s price on November 10. Against the backdrop of pressure on digital assets, Reuters reported that in late trading on Sunday, November 8, Bitcoin fell more than 2% to $73,708, its lowest price since August, and Ether also hit its lowest level since August. Reuters also linked turbulence in cryptocurrency markets to concerns about tighter regulation after the U.S. midterm elections and to the Binance hack. The Associated Press reported that Binance estimated the incident’s overall impact at about $6.3 billion, and that its partners helped freeze nearly $3 billion in on-chain assets through October 29.
The U.S. Bureau of Labor Statistics was scheduled to release the October Consumer Price Index on November 10 at 08:30 a.m. Eastern Time. The economic data release was a near-term event on that day’s calendar, as cryptocurrencies moved between pressure on Bitcoin and a rebound in PI. The report did not specify an expected impact from the index’s release on digital asset prices. The figures recorded at the time of publication remained the reference for the session’s moves, with Bitcoin struggling to hold above $74,000 and PI reaching $0.07. The index release was part of the day’s scheduled sequence of events.