Bitcoin's price is repeatedly failing to break above $82,300. A large sell wall has built up at this level, putting the market in a holding pattern.
As of 8 a.m. on the 12th, on CoinMarketCap, a virtual asset market data site, Bitcoin was at $81,739, down 0.59% from 24 hours earlier. Bitcoin briefly topped $82,400 at one point the previous day but then gave back its gains.
The market views a break above $82,400 as a watershed for the Bitcoin rally. That is because a large volume of sell orders is stacked in this zone. Over the past two years, when Bitcoin failed to clear this level, the price tended to fall sharply.
Ethereum, the No. 2 by market cap, was down 1.54% at $2,338. Ripple was at $1.47, and Binance Holdings Ltd. was $664, holding roughly the same levels as 24 hours earlier. Solana was trading at $97.47, up 1.18%.
The fear and greed index, which reflects sentiment in the virtual asset market, stood at 52, indicating a "neutral" level. The closer the reading is to 100, the more the market is seen as gripped by greed, raising the likelihood of a correction.