The cryptocurrency market is witnessing a unique scenario where Bitcoin is maintaining its value despite significant movements 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 is notable, especially considering Brent crude oil has exceeded $111 per barrel following reports that President Donald Trump has instructed aides to prepare for an extended US naval blockade of the Strait of Hormuz.
Iran has described its current state as one of collapse, according to Trump's statement on Truth Social. However, Tehran has indicated a potential willingness to 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 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 gradually increasing, a trend often observed during periods of macroeconomic stress when capital flows into the largest asset. According to Zaheer Ebtikar, founder of Split Research, Bitcoin's relative calmness suggests a shift in market structure. Ebtikar noted that the supply overhang has dissipated, and sellers who were previously spooked by macro shifts or quantum fears have already exited, leaving the market with fewer sellers than just a few months ago.
He believes that Bitcoin is less sensitive to regulatory noise or central bank policy than commonly thought, and its sensitivity is primarily driven by broader volatility. Given the current quieter trading range, there is no immediate rush for investors to exit. From a technical standpoint, analysts at Bitget have identified $75,000 as a critical level, where a break could lead to further downside.
Conversely, a reversal towards $80,000 would maintain the rally structure and set the stage for a retest of the resistance that has consistently rejected Bitcoin since February. The upcoming Fed rate decision, followed by the ECB's announcement, and the US equity market's sell-off due to skepticism about artificial intelligence capital expenditure, have created a complex landscape. Nasdaq 100 futures have rebounded 0.4% in Asian hours, while Brent crude continues to fluctuate near $111, putting renewed pressure on inflation expectations ahead of central bank decisions.
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 in March and April is no longer a factor, and Bitcoin's price will be driven by volatility rather than headlines, at least until a new selling wave is triggered.