The cryptocurrency market is witnessing a mixed trend, with Bitcoin showing minimal movement despite significant fluctuations 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 persisted even as Brent crude oil prices exceeded $111 per barrel, driven by a Wall Street Journal report that President Donald Trump had instructed his aides to prepare for a prolonged US naval blockade of the Strait of Hormuz.
Iran has described its current situation as a 'State of Collapse,' according to Trump's statement on Truth Social, while Tehran has indicated its willingness to accept an interim agreement to reopen the strait if the US lifts its blockade of Iranian ports. Over the week, Ether declined by 2.6% to $2,310, XRP fell by 3.8% to $1.39, Solana dropped by 3.2% to $84.57, and BNB decreased by 2.3% to $625.
In contrast, Dogecoin experienced a 5.5% increase to $0.1016, 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 gradually increasing, a common occurrence when macroeconomic stress leads to capital flowing into the largest asset.
Zaheer Ebtikar, founder of Split Research, noted in a statement that Bitcoin's relative calmness is indicative of a shift in market structure. 'The supply overhang has finally been absorbed, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side than it was just a few months ago,' he said in an email to CoinDesk. 'Bitcoin is far less sensitive to regulatory noise or central bank policy than people think. Its sensitivity is purely a function of wider volatility, and since we're currently in a quieter trading range, there's no immediate rush for the exits,' Ebtikar added.
From a technical perspective, analysts at Bitget have identified $75,000 as the critical level that could lead to a breakdown of the upward range that has been in place since late March, potentially paving the way for further losses. A reversal back toward $80,000 from current levels would maintain the rally structure intact and set the stage for a retest of the resistance that has rejected Bitcoin's attempts since February.
The Federal Reserve is scheduled to announce its rate decision later on Wednesday, followed by the European Central Bank on Thursday. The US equity market experienced a sell-off on Tuesday due to growing skepticism about the payoff from artificial intelligence capital expenditure, although Nasdaq 100 futures recovered by 0.4% in Asian hours.
Brent crude oil prices continued to fluctuate between gains and losses but remained 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 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's price will be driven by volatility rather than headlines until something triggers a fresh wave of selling. If the assessment is incorrect, the $75,000 level will be tested quickly, and the range break flagged by Bitget will play out as expected.