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 tight range was maintained even as Brent crude prices exceeded $111 per barrel, following a Wall Street Journal report that President Donald Trump had instructed aides to prepare for a prolonged US naval blockade of the Strait of Hormuz. Iran has reportedly claimed to be in a state of collapse, according to Trump's statement on Truth Social, while Tehran has indicated a willingness to accept an interim deal to reopen the strait if Washington lifts its blockade of Iranian ports.
Other major cryptocurrencies, such as Ether, XRP, Solana, and BNB, experienced declines, with the exception of 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, noted that Bitcoin's relative stability 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,' he stated. '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.' Analysts at Bitget have identified $75,000 as a critical level, where a clean loss could potentially lead to further downside.
A reversal toward $80,000 would maintain the rally structure and set up a retest of the resistance that has rejected Bitcoin since February. The Fed's rate decision, scheduled for later on Wednesday, and the ECB's decision on Thursday, will be closely watched, along with the US equity market, which sold off on Tuesday due to growing skepticism about artificial intelligence capital expenditure.
Brent crude prices remain elevated near $111, putting 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 through March and April is gone, and Bitcoin will trade based on volatility rather than headlines until a fresh selling wave is triggered.