The human brain is inherently limited in the information it can make consciously accessible. When people monitor a rapid stream of visual items for two targets, they can typically report the first, but not the second target, if these appear within 200-500 ms of each other, a phenomenon known as the attentional blink (AB). No work has determined the neural basis for the AB, partly because conventional neuroimaging approaches lack the temporal resolution to adequately characterise the neural activity elicited by each item in a rapid stream. Here we introduce a new approach that can identify the precise effect of the AB on behaviour and neural activity. Specifically, we employed a multivariate encoding approach to extract feature-selective information carried by randomly-oriented gratings within a rapid serial stream. We show that feature selectivity is enhanced for correctly reported targets and suppressed when the same items are missed. By contrast, no such effects were apparent for irrelevant distractor items. Our findings point to a new theoretical account that involves both short- and long-range temporal interactions between visual items competing for consciousness.