The electronic spectra of rotationally faulted graphene bilayers are calculated using a continuum formulation for small fault angles that identifies two distinct electronic states of the coupled system. The low-energy spectra of one state features a Fermi velocity reduction, which ultimately leads to pairwise annihilation and regeneration of its low-energy Dirac nodes. The physics in the complementary state is controlled by pseudospin selection rules that prevent a Fermi velocity renormalization and produce second generation symmetry-protected Dirac singularities in the spectrum. These results are compared with previous theoretical analyses and with experimental data.