The cryptocurrency market is witnessing a mix of trends, with Bitcoin showing minimal movement at just under $77,000 on Wednesday, marking a 0.1% increase over 24 hours and a 0.8% decrease over the week. This stability persists despite Brent crude oil surpassing $111 a barrel, driven by reports that President Donald Trump has instructed aides to prepare for an extended US naval blockade of the Strait of Hormuz. Iran has described its current state as one of "collapse," according to Trump's statement on Truth Social, while Tehran 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 like Ether, XRP, Solana, and BNB have seen 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. Dogecoin stands out with a 5.5% increase to $0.1016 over the week, the sole top-10 token aside from stablecoins to show gains. As a result, Bitcoin's market dominance is gradually increasing, a common occurrence when macroeconomic stress leads to capital flowing into the largest asset.
Zaheer Ebtikar, founder of Split Research, notes that Bitcoin's calm demeanor suggests a shift in market structure, citing that the supply overhang has dissipated and sellers spooked by macro shifts or quantum fears have already exited, leaving the market thinner on the sell-side. According to Ebtikar, Bitcoin's sensitivity is not to regulatory noise or central bank policy but to broader volatility, and with the current quieter trading range, there's no immediate rush to exit. Technically, analysts at Bitget have identified $75,000 as a critical level where the upward range that has held since late March could break, potentially leading to further downside. A reversal towards $80,000 would maintain the rally structure and set up a retest of the resistance that has consistently rejected Bitcoin since February.
With the Fed's rate decision impending and the ECB's decision following, alongside a US equity market sell-off due to skepticism about artificial intelligence capital expenditure, traders are watching for whether Bitcoin's apparent supply exhaustion will hold against the next macro shock. If Ebtikar's analysis is correct, the seller base that capitulated in March and April is gone, and Bitcoin will trade based on volatility rather than headlines until a new selling wave is triggered.