The cryptocurrency market is experiencing a mixed trend, with Bitcoin showing minimal movement. 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 occurred despite Brent crude oil exceeding $111 per barrel, triggered by a Wall Street Journal report stating that President Donald Trump has instructed his aides to prepare for an extended US naval blockade of the Strait of Hormuz. In response, Iran has claimed to be in a state of collapse, according to Trump's statement on Truth Social.
Tehran, however, has indicated that it might accept an interim agreement to reopen the strait if the US lifts its blockade of Iranian ports. Other major cryptocurrencies, such as 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 was Dogecoin, which rose 5.5% to $0.1016 over the week, making it the sole top-10 token outside stablecoins to show a positive trend.
As a result, Bitcoin's market dominance is slowly increasing, a common occurrence when macroeconomic stress arises and capital flows into the largest asset. According to Zaheer Ebtikar, founder of Split Research, Bitcoin's relative calmness suggests a change in market structure. Ebtikar stated 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. He also noted that Bitcoin is less sensitive to regulatory noise or central bank policy than people think, and its sensitivity is primarily a function of wider volatility.
With the current quieter trading range, there is no immediate rush for the exits. From a technical perspective, analysts at Bitget have identified $75,000 as a crucial level, where the upward range that has held since late March breaks, potentially leading to further downside. A reversal toward $80,000 from current levels would maintain the rally structure 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, along with the US equity market's performance, which sold off on Tuesday due to growing skepticism about artificial intelligence capital expenditure. The price of Brent crude has fluctuated between gains and losses but remains 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 trades on volatility rather than headlines until something forces a fresh leg of selling.