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Bitcoin price today: The world's largest cryptocurrency was trading at $73,344.71 at time of writing, on 12 November, down 0.4% over the past 24 hours, with market capitalisation at $1.47 trillion, down 0.35%, according to data on CoinMarketCap.
While in the red, this is slight improvement from Bitcoin touching $72,695 on 10 November — its lowest level in around three months. As per a Bloomberg report, faster-than-estimated increase in United States inflation and signals that the US Federal Reserve could hike interest rates pushed down risk appetite for risk assets such as cryptocurrencies.
Meanwhile, the second largest crypto, Ethereum was also in the red today, trading at $2,044.40, down 0.49% over the previous day, with market cap of $249.85 billion, down 0.68%, the CoinMarketCap data showed.
Bitcoin maintained dominance with 60.5% of the market pie, up 0.71% among the tokens, followed by Ethereum which holds 10.2% of the crypto market, down 0.67%, while the remaining tokens comprise 29.2% of the pie, down 0.03%. At time of writing, the overall crypto market cap was at $2.43 trillion, down 0.78% over the past 24 hours, the data showed.
According to Nischal Shetty, Founder of WazirX, the crypto markets attempted to stabilise as stronger US equities and lower volatility provided some support, but persistent inflation, a stronger dollar and continued ETF withdrawals kept participation measured.
Alex Kuptsikevich, chief market analyst at FxPro noted that the crypto market cap dropped below $2.45 trillion — at its lowest since August as cryptocurrencies, which had lagged significantly behind equities on Monday, failed to catch up on Tuesday and came under pressure.
Kuptsikevich felt that interest in AI amid Anthropic’s IPO is drawing risk capital away from crypto, while CPI data showing accelerating inflation, strong US jobs figures, and possibility of a 50-bps interest rate hike by the US Fed in December — all underpinned by a strong economy, is hurting cryptos and precious metals more than equities.
Shetty said that for Bitcoin, immediate support lies at $73,100-$73,300, followed by $71,800-$72,000. “Remaining above the first region could help stabilise the structure, while sustained closes through $75,000-$75,700 would improve momentum. A loss of support would keep the broader decline active until buyers reclaim the broken levels,” Shetty noted.
Riya Sehgal, Research Analyst at Delta Exchange added that the markets will now focus on the upcoming US PPI release for further inflation signals. “Overall, despite selective whale accumulation and a recovery in US equities, weak price structures and macroeconomic uncertainty keep the short-term crypto outlook cautious,” she stated.
On future outlook, Shetty added that while the macro picture remained mixed, recovering equities and continued investment in AI-related companies supported interest in technology and blockchain-linked assets. Further, the US markets also provide a strongest positive signal.
“Bitcoin and Ethereum holding near key support despite these outflows suggests spot buying absorbed part of the pressure, although a broader recovery would require more consistent institutional and market participation,” he added.
Kuptsikevich concurred that Bitcoin “simply holding current levels is insufficient for a bullish reversal; a strong upward move from the current support level is required”.
According to Prateek Gupta, Head of Business at Mudrex, Bitcoin needs to reclaim $75,000, while $72,000 remains key support. While the CoinSwitch Markets Desk stated that looking ahead, $73,000 remains a key near-term support level, while reclaiming $75,000–$76,000 “will be important for recovery. ETF flows, Treasury yields and upcoming Fed commentary will remain key market drivers,” it said.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies,...More
Jocelyn Fernandes is a journalist and editor with nearly 13 years of experience covering the business, corporate, economy and markets beats in news.<br> As chief content producer for around three years at Livemint (Hindustan Times), Jocelyn publishes breaking stories, explainers, features and live blogs on a range of business and economy topics, including the Budget, corporate developments, stock markets, income tax, money and personal finance, cryptocurrency, government policy, impact of US tariffs, international developments and more.<br> Jocelyn's writing philosophy is focused on delivering news in an accurate and accessible format for readers. She thus focuses her news coverage on explainers and FAQs in order to breakdown business, corporate, economic, and policy topics that are of importance to everyday readers.<br> She holds a Bachelors in Mass Media (BMM) and Post Graduate Diploma (PGD) in Journalism and Communication and has previously written for online business and markets news site Moneycontrol (Network18), Business-to-business (B2B) trade publications — the industry magazines Power Today and Solar Today (ASAPP Media), and the national news agency United News of India (UNI).<br> Outside of work, Jocelyn keeps up-to-date with local and international news, enjoys reading fiction books, novels and short stories, and enjoys movies, travelling and art. <br> She can be found on X and LinkedIn, and reached by email: <a href="jocelyn.fernandes@htdigital.in">jocelyn.fernandes@htdigital.in</a> <br> X/ Twitter handle: <a href="https://x.com/scribeJocelyn">@scribeJocelyn</a> <br> LinkedIn: <a href="https://in.linkedin.com/in/jocelyn-fernandes-journalist">LinkedIn</a>
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