The cryptocurrency market is witnessing a unique scenario, with Bitcoin remaining relatively stable while other assets experience 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, following a Wall Street Journal report that President Donald Trump had instructed his 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 on Tuesday.
Meanwhile, Tehran has indicated that it might accept an interim agreement to reopen the strait if the US lifts its blockade of Iranian ports. Other major cryptocurrencies have experienced declines, with Ether dropping 2.6% to $2,310 over the week, XRP falling 3.8% to $1.39, Solana losing 3.2% to $84.57, and BNB shedding 2.3% to $625.
However, Dogecoin bucked this trend, rising 5.5% to $0.1016 over the week, 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 common occurrence when macroeconomic stress arises and capital flows into the largest asset. Zaheer Ebtikar, founder of Split Research, noted in a statement that Bitcoin's relative calmness is indicative of a shift in market structure.
"The supply overhang has been absorbed, and sellers who were spooked by macro shifts or quantum fears have already exited the market. This has resulted in a much thinner sell-side market than we saw just a few months ago," Ebtikar said in an email to CoinDesk.
"Bitcoin is less sensitive to regulatory noise or central bank policies than people think. Its sensitivity is primarily a function of broader 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, the levels are more defined. Analysts at Bitget have identified $75,000 as the threshold beyond which the upward range that has held since late March would break, potentially leading to further downside. A reversal 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 scheduled to announce its rate decision later on Wednesday, followed by the ECB 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 prices have been volatile, alternating between gains and losses, but remain elevated near $111 due to the blockade reports, 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 will trade based on volatility rather than headlines until something triggers a fresh wave of selling. If the assessment is incorrect, $75,000 will be tested quickly, and the range break flagged by Bitget will unfold as expected.