The cryptocurrency market is witnessing a mix of trends, with Bitcoin standing still at just under $77,000 on Wednesday in Asian trading hours, marking a 0.1% increase over 24 hours and a 0.8% decrease over the week. This stability persists despite Brent crude exceeding $111 per barrel, triggered by a Wall Street Journal report stating 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 hinted at accepting 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, with declines of 2.6%, 3.8%, 3.2%, and 2.3%, respectively.
In contrast, dogecoin saw a 5.5% increase 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 common occurrence when macroeconomic stress leads to capital flowing into the largest asset. According to Zaheer Ebtikar, founder of Split Research, Bitcoin's relative calmness suggests a shift in market structure. Ebtikar notes 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 believes that Bitcoin is less sensitive to regulatory noise or central bank policy than perceived, with its sensitivity primarily driven by broader volatility. Given the current quieter trading range, there is no immediate urgency for sellers to exit. From a technical standpoint, analysts at Bitget have identified $75,000 as a critical level, where a breach could lead to further downside.
Conversely, a reversal towards $80,000 would maintain the rally structure and set the stage for a retest of the resistance that has consistently rejected Bitcoin since February. The upcoming Fed rate decision, followed by the ECB's announcement, and the US equity market's sell-off due to growing skepticism about artificial intelligence capital expenditure, may influence market trends. With Nasdaq 100 futures recovering 0.4% in Asian hours, traders will be watching whether Bitcoin's apparent supply exhaustion can withstand the next macro shock, and if Ebtikar's assessment is correct, whether the seller base that capitulated in March and April is indeed gone, leaving Bitcoin to trade on volatility rather than headlines.