Bitcoin slips to $85,500 as sell orders cap the push toward $87,000

Bitcoin gave back its overnight gain and traded at $85,498 in the latest CoinGecko snapshot, down 0.37% over 24 hours. According to Cointelegraph, its climb toward $87,000 was held in check by overhead sell orders, even as US stocks broke out to new all-time highs.

Bitcoin

That leaves Bitcoin slightly below the $85,932 level of our previous recap. The 24-hour range ran from $85,122 to $86,648, so the session reached above $86,000 before sellers pushed it back. Over seven days Bitcoin is still up 2.36%. Spot volume over 24 hours was about $26.7 billion, and its market value stands near $1.718 trillion.

CoinDesk's live coverage described Bitcoin as locked in a range. It cited broker FxPro, which said a slide below $84,000 would hand control to sellers and put $80,000 in play. That is FxPro's view, not ours. Chart: BTC/USD on TradingView.

Ether and the other majors

The large caps all slipped modestly on the day, though most remain higher on the week.

Ether traded in a tight band between $2,683.98 and $2,723.16. Cardano, the standout of recent sessions, cooled slightly but keeps a 9.28% weekly gain. Dogecoin was the weakest of the group and the only one lower over seven days.

The action was elsewhere. Decrypt reported that while Bitcoin and Ethereum barely moved, privacy coins Zcash and Monero led the largest coins over 24 hours.

Market breadth and sentiment

Total crypto market capitalisation is about $2.919 trillion, per CoinGecko. Bitcoin dominance is 58.7% and Ether's share is 11.3%.

The Crypto Fear & Greed Index reads 71, in "Greed". That is down from 73 a day earlier but above the 65 recorded on October 4. The index has stayed in Greed territory for all eight days in the data, ranging from 65 to 74.

Main news drivers

Winklevoss twins file for a Zcash ETF. Cointelegraph reports a Winklevoss-backed fund has filed with the SEC for a Nasdaq listing. It would hold ZEC directly, with Gemini Trust as custodian, and Winklevoss Capital affiliates are eyeing up to $100 million of investment. Decrypt says it would trade under the ticker "WINK" and called it another Zcash ETF amid a wave of institutional interest in the privacy coin.

Abstract to shut down. Pudgy Penguins' Ethereum layer-2 Abstract will close on December 15, according to Decrypt, which said users are being urged to bridge assets off before then. Cointelegraph quoted Igloo CEO Luca Netz as saying the company funded Abstract for 18 months but failed to find product-market fit, after "tens of millions" in losses.

Tether sued over a frozen wallet. Payments firm Conduit has sued Tether over a freeze of about $2.8 million in USDt, Cointelegraph reports, tied to a 2024 Brazilian investigation. Decrypt puts the sum at $2.76 million and says Conduit claims no connection to that probe.

UK picks banks for a digital gilt. Cointelegraph reports the UK named six banks to lead its DIGIT pilot, which will test onchain settlement for sovereign debt, with issuance expected by the first quarter of 2027.

What to watch next

• Fed minutes: CoinDesk notes that minutes from the Fed's last meeting come out on Wednesday. Our sister site covers the dollar backdrop in its report on the euro's rebound from a 17-month low.
• Bitcoin's range: whether the sell orders Cointelegraph described near $87,000 keep capping price, and the $84,000 level FxPro flagged.
• Zcash ETF filing: next steps on the SEC review of the WINK proposal.
• Abstract wind-down: the December 15 shutdown deadline for users to move assets.

CryptoClick Desk