The cryptocurrency market is witnessing a mix of trends, with Bitcoin showing minimal movement. 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 persists despite Brent crude oil exceeding $111 per barrel, prompted 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 state as one of 'collapse,' according to Trump's statement on Truth Social.
However, Tehran has indicated it might accept 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 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.
The exception is dogecoin, which saw a 5.5% increase to $0.1016 over the week, making it the only top-10 token outside stablecoins to show growth. 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.
Zaheer Ebtikar, founder of Split Research, notes that Bitcoin's relative calmness may signal a shift in market structure. 'The supply overhang has finally been absorbed, 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 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.' 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. The Federal Reserve's rate decision, scheduled for later on Wednesday, and the European Central Bank's decision on Thursday, are highly anticipated. The US equity market experienced a sell-off on Tuesday due to growing skepticism about the payoff from artificial intelligence capital expenditure, although Nasdaq 100 futures have recovered 0.4% in Asian hours.
Brent crude oil prices remain elevated near $111, putting renewed pressure on inflation expectations ahead of the central bank decisions. Traders will be watching whether Bitcoin's apparent supply exhaustion can withstand 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 play out as predicted.