The cryptocurrency market is witnessing a unique scenario where Bitcoin is holding steady, 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 U.S. naval blockade of the Strait of Hormuz. In response to Iran's claim of being in a 'State of Collapse,' as stated by Trump on Truth Social, Tehran has suggested it might accept an interim deal to reopen the strait if the U.S. 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 saw a 5.5% increase to $0.1016, making it the only top-10 token outside stablecoins to show gains over the week.
As a result, Bitcoin's market dominance is slowly increasing, a trend that often occurs when macroeconomic stress leads to capital flowing into the largest asset. Zaheer Ebtikar, founder of Split Research, notes that Bitcoin's relative calmness suggests 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 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.' From a technical standpoint, analysts at Bitget have identified $75,000 as a critical level, where a break in the upward range that has held since late March could lead to further downside. A reversal towards $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 Federal Reserve's rate decision, scheduled for later on Wednesday, and the European Central Bank's decision on Thursday, will be closely watched, especially after the U.S. 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 will trade based on volatility rather than headlines until something triggers a fresh wave of selling. However, if the read is incorrect, $75,000 could be tested quickly, and the range break flagged by Bitget could play out as expected.