The cryptocurrency market is witnessing a unique scenario where Bitcoin remains relatively stable, while other assets experience significant fluctuations. 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 persisted even as Brent crude oil prices exceeded $111 per barrel, triggered by a Wall Street Journal report that President Donald Trump instructed his 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.
In response, Tehran has indicated its willingness to 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 declines, with losses ranging from 2.3% to 3.8% over the week.
In contrast, Dogecoin saw a 5.5% increase, making it the only top-10 token, excluding stablecoins, to exhibit growth over the seven-day period. 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 signify a shift in market structure.
'The supply overhang has finally been absorbed, and sellers who were previously 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.' From a technical perspective, analysts at Bitget have identified $75,000 as a critical level, where a breakdown could lead to further downside.
Conversely, a reversal towards $80,000 would maintain the rally structure and set up a retest of the resistance that has rejected Bitcoin since February. With the Fed's rate decision and the ECB's announcement on the horizon, the US equity market has sold off due to growing skepticism about the benefits of artificial intelligence capital expenditure. Meanwhile, Brent crude oil prices continue to fluctuate, staying elevated near $111, 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's price will be driven by volatility rather than headlines until a new selling wave emerges.