The cryptocurrency market is witnessing a notable contrast, with Bitcoin remaining stable while other assets experience fluctuations. 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 persisted despite Brent crude oil prices exceeding $111 per barrel, triggered 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 Iran's claimed 'State of Collapse,' as stated by Trump on Truth Social, Tehran has indicated a potential acceptance of 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 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.
Conversely, dogecoin saw a 5.5% increase to $0.1016, making it the only top-10 token, excluding stablecoins, to exhibit growth over the week. As a result, Bitcoin's market dominance is gradually increasing, a common occurrence when macroeconomic stress arises and capital flows into the largest asset. Zaheer Ebtikar, founder of Split Research, noted in a statement that Bitcoin's relative calmness is indicative of a shift in market structure. 'The supply overhang has finally dissipated, and the 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 explained.
'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 highlighted $75,000 as a critical level, where the upward range that has held since late March breaks, potentially leading to further downside.
A reversal toward $80,000 from current levels would maintain the rally structure intact and set up a retest of the resistance that has rejected Bitcoin in every attempt since February. The Fed is set to announce its rate decision later on Wednesday, followed by the ECB on Thursday.
The US equity market experienced a sell-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. Brent crude prices remain elevated near $111, putting renewed pressure on inflation expectations ahead of the central bank decisions.
Traders may be watching whether 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 trades on volatility rather than headlines until something forces a fresh leg of selling. If the assessment is incorrect, $75,000 may be tested quickly, and the range break flagged by Bitget may play out as expected.