The cryptocurrency market is witnessing a mixed trend, with Bitcoin maintaining its position just below $77,000 on Wednesday, marking a 0.1% increase over 24 hours and a 0.8% decrease over the week. This stability is observed despite Brent crude surpassing $111 per barrel, following a Wall Street Journal report 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 signaled its willingness to consider an interim deal to reopen the strait if the US lifts its blockade of Iranian ports. Meanwhile, other major cryptocurrencies such as Ether, XRP, Solana, and BNB have experienced significant losses, 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.
However, Dogecoin has bucked this trend, rising 5.5% 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 is indicative of a shift in market structure, with the supply overhang having dissipated and sellers who were previously spooked by macroeconomic shifts or quantum fears having exited the market. Ebtikar notes that Bitcoin is less sensitive to regulatory noise or central bank policy than perceived, and its sensitivity is primarily driven by broader market volatility. With the current trading range being relatively quiet, there is no immediate rush for investors to exit the market. From a technical perspective, 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 towards $80,000 would maintain the rally structure intact and set up a retest of the resistance that has rejected Bitcoin's attempts since February. As the Fed announces its rate decision and the ECB follows suit, the US equity market has sold off due to growing skepticism about the payoff from artificial intelligence capital expenditure, with Nasdaq 100 futures recovering 0.4% in Asian hours. With Brent crude prices remaining elevated near $111, traders will be watching whether Bitcoin's apparent supply exhaustion can withstand the next macroeconomic shock, and if Ebtikar's assessment is correct, the seller base that capitulated in March and April is gone, leaving Bitcoin to trade on volatility rather than headlines until a fresh catalyst for selling emerges.