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 24 hours and a 0.8% decrease over the week. This stability is notable, especially considering Brent crude oil prices have exceeded $111 per barrel following a Wall Street Journal report that President Donald Trump has instructed aides to prepare for an extended US naval blockade of the Strait of Hormuz. Iran has expressed its country's state of distress, with Trump stating on Truth Social that the nation is in a "State of Collapse." Tehran has suggested it might accept an interim agreement to reopen the strait if the US lifts its blockade of Iranian ports.
Other major cryptocurrencies like Ether, XRP, Solana, and BNB have experienced declines, with Ether dropping 2.6% to $2,310, XRP falling 3.8% to $1.39, Solana losing 3.2% to $84.57, and BNB shedding 2.3% to $625. The only exception among the top-10 tokens, excluding stablecoins, was dogecoin, which saw a 5.5% increase to $0.1016 over the week.
As a result, Bitcoin's market dominance is gradually increasing, a common occurrence when macroeconomic stress leads to capital flowing into the largest asset. According to Zaheer Ebtikar, founder of Split Research, Bitcoin's relative calmness indicates a shift in market structure. Ebtikar noted that the supply overhang has been depleted, and sellers who were previously spooked by macro shifts or quantum fears have already exited the market, resulting in a much thinner sell-side. He also stated that Bitcoin is less sensitive to regulatory noise or central bank policy than commonly perceived, with its sensitivity being purely a function of wider volatility.
Given the current quieter trading range, there is no immediate rush for 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. On the other hand, a reversal towards $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 Fed's rate decision, scheduled for later on Wednesday, and the ECB's decision on Thursday, will be closely watched, especially after the US equity market sold off on Tuesday due to growing skepticism about the payoff from artificial intelligence capital expenditure. With Nasdaq 100 futures recovering 0.4% in Asian hours, traders will be monitoring whether Bitcoin's apparent supply exhaustion can withstand 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 a new selling wave is triggered.