The cryptocurrency market is witnessing a mixed trend, with Bitcoin exhibiting minimal movement despite significant fluctuations in other assets. 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 is notable, especially considering the surge in Brent crude prices to over $111 per barrel, triggered by a Wall Street Journal report that President Donald Trump has instructed his aides to prepare for an extended US naval blockade of the Strait of Hormuz. In response to the escalating tensions, Iran has claimed to be in a 'State of Collapse,' 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 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 only exception is dogecoin, which has risen 5.5% to $0.1016 over the week, making it the sole 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 during periods of macroeconomic stress when capital flows into the largest asset. Zaheer Ebtikar, founder of Split Research, attributes Bitcoin's relative calm to a shift in market structure, stating that the supply overhang has dissipated and sellers spooked by macro shifts or quantum fears have already exited the market.
He believes that Bitcoin is less sensitive to regulatory noise or central bank policy than commonly thought, and its sensitivity is primarily driven by wider volatility. With the current trading range being relatively quiet, there is no immediate pressure to sell. From a technical perspective, analysts at Bitget have identified $75,000 as a critical level, below which the upward range that has held since late March would break, potentially leading to further downside.
A reversal towards $80,000 would maintain the rally structure and set up a retest of the resistance that has rejected Bitcoin's attempts since February. The Fed's rate decision, scheduled for later on Wednesday, and the ECB's decision on Thursday, will be closely watched, along with the US equity market's response to growing skepticism about artificial intelligence capital expenditure. The price of Brent crude will also be monitored, as it has whipsawed between gains and losses but remains 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, and 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.