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% decline 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 has instructed aides to prepare for an extended US naval blockade of the Strait of Hormuz. In response to the situation, Iran has described its economy as being in a 'state of collapse,' according to Trump's statement on Truth Social. Tehran, however, has indicated a willingness to consider an interim agreement to reopen the strait if the US lifts its blockade of Iranian ports.
Among other major cryptocurrencies, Ether experienced a 2.6% weekly decline to $2,310, XRP fell 3.8% to $1.39, Solana dropped 3.2% to $84.57, and BNB decreased 2.3% to $625. In contrast, Dogecoin saw a 5.5% weekly increase to $0.1016, making it the only top-10 token outside stablecoins to record 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.
Zaheer Ebtikar, founder of Split Research, attributes Bitcoin's relative calmness to a shift in market structure. 'The supply overhang has finally been absorbed, and 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,' Ebtikar stated in a note.
'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,' he added.
From a technical perspective, analysts at Bitget have identified $75,000 as a crucial level, where a breakdown of the upward range that has held since late March could potentially lead to further downside. A reversal toward $80,000 from current levels would maintain the rally structure and set up a retest of the resistance that has rejected Bitcoin's attempts since February. The Federal Reserve is set 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 have recovered 0.4% in Asian hours. Brent crude prices continue to fluctuate between gains and losses but remain 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 holds against the next macro shock. If Ebtikar's assessment is correct, the seller base that capitulated through March and April is gone, and Bitcoin will trade based on volatility rather than headlines until a new selling wave is triggered.
If the assessment is incorrect, $75,000 will be tested quickly, and the range break flagged by Bitget will play out as expected.