The cryptocurrency market is witnessing a mixed trend, with Bitcoin remaining relatively stable. 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, given the significant movement in other markets, such as the price of Brent crude, which exceeded $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 to the situation, Iran has described its current state as one of "collapse," according to Trump's statement on Truth Social.
However, Tehran has indicated its willingness to consider an interim agreement to reopen the strait if the US lifts its blockade of Iranian ports. The prices of other major cryptocurrencies, including Ether, XRP, Solana, and BNB, have declined over the week, with losses ranging from 2.3% to 3.8%. The only exception among the top-10 tokens, excluding stablecoins, is dogecoin, which saw a 5.5% increase over the week to $0.1016.
As a result, Bitcoin's market dominance is slowly increasing, a trend often observed during periods of macroeconomic stress when capital flows into the largest asset. Zaheer Ebtikar, founder of Split Research, attributes Bitcoin's relative calm to a shift in market structure. He notes that the supply overhang has been depleted and that sellers who were previously spooked by macro shifts or quantum fears have already exited the market, resulting in a thinner sell-side.
Ebtikar believes that Bitcoin is less sensitive to regulatory noise or central bank policy than widely perceived, and its sensitivity is primarily driven by broader volatility. Given the current quieter trading range, there is no immediate need for a rush to the exits. From a technical perspective, analysts at Bitget have identified $75,000 as a critical level, below which the upward range that has held since late March would be broken, potentially leading to further downside. Conversely, a reversal back toward $80,000 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 upcoming Fed rate decision, scheduled for later on Wednesday, and the ECB's decision on Thursday, will be closely watched by traders. 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 have since recovered 0.4% in Asian hours.
The price of Brent crude remains elevated near $111, driven by the blockade reports, and is likely to put renewed pressure on inflation expectations ahead of the central bank decisions. 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 in March and April is no longer present, and Bitcoin's price will be driven by volatility rather than headlines, at least until a new selling wave is triggered.