Bitcoin Defies Expectations as $81K Wall Looms Large

The $81K wall refers to the resistance band on Bitcoin's price chart between $83,000 and $86,000. This is where a large group of long-term holders have their tokens concentrated, and it has been difficult for the price to break through this level.

Despite two negative events in Washington - the failure of the Digital Asset Market Clarity Act to pass its cloture vote and the Federal Reserve's decision to raise interest rates by 25 basis points - Bitcoin did not plummet as expected. In fact, it has been consolidating above $80,000.

Mitchell Askew, head of research at Blockware Intelligence, attributes this calm to seller exhaustion: those who would have panicked at the news had largely already exited earlier drawdowns.