The cryptocurrency market is witnessing a period of stability for Bitcoin, despite fluctuations in other major assets. On Wednesday, during Asian trading hours, Bitcoin reached nearly $77,000, marking a 0.1% increase over 24 hours and a 0.8% decrease over the week.
This steady performance comes as Brent crude oil exceeds $111 per barrel, driven by a Wall Street Journal report that President Donald Trump has instructed aides to prepare for a prolonged US naval blockade of the Strait of Hormuz. In response to the situation, Iran has described its current state as one 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. Other major cryptocurrencies 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 common occurrence when macroeconomic stress leads to capital flowing into the largest asset. According to Zaheer Ebtikar, founder of Split Research, 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 noted.
'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 clean loss could potentially 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 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 rebounded 0.4% in Asian hours. Brent crude oil prices remain elevated near $111, driven by the blockade reports, which may put 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 something triggers a fresh wave of selling. If the assessment is incorrect, $75,000 may be tested quickly, and the range break flagged by Bitget could play out as anticipated.