The cryptocurrency market is witnessing a mixed trend, with Bitcoin showing minimal movement. 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 as Brent crude oil prices exceeded $111 per barrel following 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. Iran has described its current situation as a 'State of Collapse,' according to Trump's statement on Truth Social. Meanwhile, Tehran has indicated that it may consider an interim agreement 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 significant losses over the week, with declines of 2.6%, 3.8%, 3.2%, and 2.3%, respectively.
In contrast, Dogecoin saw a 5.5% increase, making it the only top-10 token outside of stablecoins to show gains over the past week. As a result, Bitcoin's market dominance is gradually increasing, a trend often observed during periods of macroeconomic stress when capital flows into the largest asset. According to Zaheer Ebtikar, founder of Split Research, Bitcoin's relative calmness may indicate a shift in market structure.
'The supply overhang has finally been absorbed, and sellers who were spooked by macroeconomic shifts or quantum concerns have already exited, leaving the market much thinner on the sell-side than it was a few months ago,' Ebtikar noted. 'Bitcoin is less sensitive to regulatory noise or central bank policies than people think. Its sensitivity is primarily a function of broader volatility, and since we are currently in a quieter trading range, there is no immediate rush for the exits.' From a technical perspective, analysts at Bitget have identified $75,000 as a critical level, where a breakdown of the upward range that has held since late March could lead to further downside.
Conversely, a reversal towards $80,000 from current levels would maintain the rally structure and set the stage for 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 returns on artificial intelligence capital expenditures, although Nasdaq 100 futures have recovered 0.4% in Asian hours.
Brent crude oil prices have fluctuated between gains and losses but remain elevated near $111, putting renewed pressure on inflation expectations ahead of the central bank decisions. Traders will be watching to see if Bitcoin's apparent supply exhaustion holds up against the next macroeconomic shock.
If Ebtikar's assessment is correct, the seller base that capitulated in March and April is gone, and Bitcoin's price will be driven by volatility rather than headlines until a new selling wave is triggered.