The cryptocurrency market is experiencing a mixed bag, with Bitcoin showing little movement despite significant activity 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 but a 0.8% decrease over the week. This stability occurred even as Brent crude oil prices exceeded $111 per barrel following a Wall Street Journal report that President Donald Trump instructed his aides to prepare for an extended U.S. naval blockade of the Strait of Hormuz.
Iran has described its current state as one of "collapse," according to Trump's statement on Truth Social, while Tehran has indicated it might accept an interim agreement to reopen the strait if the U.S. lifts its blockade of Iranian ports. Other major cryptocurrencies saw declines, with Ether dropping 2.6% to $2,310 over the week, XRP falling 3.8% to $1.39, Solana losing 3.2% to $84.57, and BNB shedding 2.3% to $625.
In contrast, dogecoin experienced a 5.5% increase to $0.1016 over the week, making it the only top-10 token outside stablecoins to show gains over the seven-day period. As a result, Bitcoin's market dominance is slowly increasing, a trend often seen when macroeconomic stress leads to capital flowing into the largest asset. Zaheer Ebtikar, founder of Split Research, noted that Bitcoin's relative calmness suggests a shift in market structure. According to Ebtikar, the supply overhang has been depleted, and sellers who were previously spooked by macro shifts or quantum fears have already exited the market, leaving the sell-side much thinner than it was a few months ago.
He also stated that Bitcoin is less sensitive to regulatory noise or central bank policy than commonly believed, with its sensitivity primarily being a function of wider market volatility. Since the current trading range is relatively quiet, there is no immediate rush for sellers to exit. From a technical standpoint, analysts at Bitget have identified $75,000 as a critical level, where a break in the upward range that has held since late March could 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's attempts since February. The Fed's rate decision, scheduled for later on Wednesday, and the ECB's decision on Thursday, are highly anticipated, with the U.S. equity market experiencing a sell-off on Tuesday due to growing skepticism about the returns on artificial intelligence capital expenditure.
Nasdaq 100 futures have rebounded 0.4% in Asian hours. Brent crude oil prices remain elevated near $111 following the blockade reports, 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 macroeconomic shock. If Ebtikar's assessment is correct, the seller base that capitulated through March and April is gone, and Bitcoin's price will be driven by volatility rather than headlines until something triggers a fresh wave of selling.
However, if the assessment is incorrect, the $75,000 level may be tested quickly, and the range break flagged by Bitget could play out as expected.