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% decrease over the week. This stability persists even as Brent crude oil prices exceeded $111 per barrel, driven by a Wall Street Journal report indicating 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 expressed its country's state of collapse, as stated by Trump on Truth Social. Meanwhile, Tehran has signaled 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. In contrast, dogecoin saw a 5.5% increase to $0.1016, making it the only top-10 token outside 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. According to Zaheer Ebtikar, founder of Split Research, Bitcoin's relative calmness suggests a shift in market structure.
Ebtikar noted that the supply overhang has diminished, and sellers who were previously spooked by macro shifts or quantum fears have already exited, resulting in a thinner sell-side market. He also stated that Bitcoin is less sensitive to regulatory noise or central bank policy than people think, with its sensitivity being primarily a function of broader volatility. Given the current quieter trading range, there is no immediate rush for exits. From a technical perspective, 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 potentially lead to further downside.
Conversely, 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's response to growing skepticism about artificial intelligence capital expenditure. The price of Brent crude continues to fluctuate, staying near $111 due to the blockade reports, which may put 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, and 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 leg of selling is triggered.