The cryptocurrency market is witnessing a unique scenario where Bitcoin is maintaining its value despite significant movements in other assets. On Wednesday, during Asian trading hours, Bitcoin hovered just below $77,000, marking a 0.1% increase over the past 24 hours and a 0.8% decline over the week. This stability persisted even as Brent crude oil prices exceeded $111 per barrel, prompted by a Wall Street Journal report indicating that President Donald Trump has instructed his aides to prepare for an extended US naval blockade of the Strait of Hormuz. In response to the situation, Iran has described its current state as one of "collapse," according to a statement made by Trump on Truth Social.
However, Tehran has suggested that it might consider an interim agreement to reopen the strait if the US lifts its blockade of Iranian ports. Over the week, Ether experienced a 2.6% decline to $2,310, while XRP fell 3.8% to $1.39.
Solana and BNB also saw losses, with Solana down 3.2% to $84.57 and BNB shedding 2.3% to $625. The only top-10 token to see gains, aside from stablecoins, was dogecoin, which rose 5.5% to $0.1016 over the week. As a result, Bitcoin's market dominance is slowly increasing, a trend often observed during times of macroeconomic stress when capital flows into the largest asset. Zaheer Ebtikar, founder of Split Research, noted that Bitcoin's relative stability is indicative of a shift in market structure.
He explained that the supply overhang has been depleted, and sellers who were previously spooked by macro shifts or quantum fears have already exited the market, leaving it much thinner on the sell-side than it was a few months ago. Ebtikar also stated that Bitcoin is less sensitive to regulatory noise or central bank policy than commonly perceived, and its sensitivity is primarily a function of broader volatility. Given the current quieter trading range, there is no immediate rush for the exits.
From a technical standpoint, analysts at Bitget have identified $75,000 as a critical level, where a clean loss could potentially lead to further downside. Conversely, a reversal back toward $80,000 from current levels would maintain the rally structure intact and set up a retest of the resistance that has rejected Bitcoin since February. The Federal Reserve is set to announce its rate decision later on Wednesday, followed by the European Central Bank on Thursday. The US equity market sold off on Tuesday due to growing skepticism about the payoff from artificial intelligence capital expenditure, although Nasdaq 100 futures have since recovered 0.4% in Asian hours.
Brent crude prices continue to fluctuate but remain elevated near $111, putting renewed pressure on inflation expectations ahead of the central bank decisions. Traders will be watching to see if Bitcoin's apparent supply exhaustion holds against the next macro shock. If Ebtikar's assessment is correct, the seller base that capitulated through March and April is gone, and Bitcoin will trade based on volatility rather than headlines until something forces a fresh leg of selling.
However, if the assessment is incorrect, $75,000 may be tested quickly, and the range break flagged by Bitget could play out as anticipated.