The cryptocurrency market is witnessing a mix of trends, with Bitcoin remaining steady at just under $77,000 on Wednesday during Asian trading hours, 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. In response to the situation, Iran has described its current state as one of "collapse," according to Trump's statement on Truth Social.
However, Tehran has indicated a willingness to consider an interim agreement to reopen the strait if Washington 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.
The exception is dogecoin, which saw 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 trend that often occurs when macroeconomic stress leads to capital flowing into the largest asset. Zaheer Ebtikar, founder of Split Research, noted in a statement that 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 explained.
"Bitcoin is 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," he added. 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 lead to further downside.
A reversal back toward $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 returns on artificial intelligence capital expenditure, with Nasdaq 100 futures recovering 0.4% in Asian hours.
Brent crude oil prices have been volatile, oscillating between gains and losses but remaining elevated near $111 due to the blockade reports, thereby putting renewed pressure on inflation expectations ahead of the central bank decisions. Traders will be watching to see if 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 something triggers a fresh wave of selling. However, if the assessment is incorrect, $75,000 may be tested quickly, and the range break flagged by Bitget could play out as predicted.