The cryptocurrency market is witnessing a mixed trend, with Bitcoin displaying minimal movement despite significant fluctuations in other majors and oil prices surpassing $111 per barrel. On Wednesday, during Asian trading hours, Bitcoin hovered just below $77,000, marking a 0.1% increase over 24 hours and a 0.8% decline over the week.

This stability persisted even as Brent crude oil prices rose above $111 per barrel, driven by a Wall Street Journal report 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 situation as a 'State of Collapse,' according to Trump's statement on Truth Social, while Tehran has indicated a willingness to accept an interim deal to reopen the strait if the US lifts its blockade of Iranian ports. Over the week, Ether dropped 2.6% to $2,310, XRP fell 3.8% to $1.39, Solana lost 3.2% to $84.57, and BNB shed 2.3% to $625.

In contrast, dogecoin experienced a 5.5% increase to $0.1016, making it the only top-10 token outside stablecoins to record gains over the past seven days. As a result, Bitcoin's market dominance is gradually increasing, a trend often observed 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. 'The supply overhang has finally dried up, 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 noted in an email to CoinDesk. 'Bitcoin is far 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,' Ebtikar 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.

Conversely, 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 Fed is set to announce its rate decision later on Wednesday, followed by the ECB on Thursday. Meanwhile, the US equity market experienced a sell-off on Tuesday due to growing skepticism about the payoff from artificial intelligence capital expenditure, with Nasdaq 100 futures recovering 0.4% in Asian hours. Brent crude prices continued to fluctuate between gains and losses but remained 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 against the next macro shock. If Ebtikar's assessment is correct, the seller base that capitulated through March and April is gone, and Bitcoin trades on volatility rather than headlines until something forces a fresh leg of selling.

If the assessment is incorrect, $75,000 may be tested quickly, and the range break flagged by Bitget could play out as expected.