The cryptocurrency market is witnessing a mix of stability and volatility, with Bitcoin holding steady at just under $77,000 on Wednesday in Asian hours, marking a 0.1% increase over 24 hours and a 0.8% decrease over the week. This stability is notable, especially as Brent crude oil prices have pushed above $111 per barrel following a Wall Street Journal report that President Donald Trump has instructed aides to prepare for a prolonged US naval blockade of the Strait of Hormuz. Iran has expressed its economic struggles, with Trump stating on Truth Social that the country is in a "State of Collapse." Tehran, however, has suggested it might consider an interim deal 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 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. The exception is dogecoin, which has seen a 5.5% increase to $0.1016 over the week, making it the only top-10 token outside stablecoins to show gains over the past seven days.
As a result, Bitcoin's market dominance is slowly increasing, a trend often observed 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. Ebtikar notes 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 than it was a few months ago. He also believes that Bitcoin is less sensitive to regulatory noise or central bank policy than commonly thought, with its sensitivity being purely a function of wider market 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 the upward range that has held since late March could break, potentially leading to further downside. A reversal back toward $80,000 from current levels would maintain the rally structure intact and set up a retest of the resistance that has rejected Bitcoin's attempts since February. The Fed's rate decision, scheduled for later on Wednesday, and the ECB's decision on Thursday, will be closely watched, especially as 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 watching 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's price will be driven by volatility rather than headlines until something triggers a fresh wave of selling. Conversely, if the assessment is incorrect, $75,000 could be tested quickly, and the range break flagged by Bitget could play out as anticipated.