The cryptocurrency market is witnessing a mixed trend, with Bitcoin showing minimal movement. On Wednesday, during Asian trading hours, the largest cryptocurrency 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 surpassing $111 per barrel, driven by a Wall Street Journal report that President Donald Trump has instructed aides to prepare for a prolonged 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. Meanwhile, Tehran has indicated a potential acceptance of 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. In contrast, Dogecoin has seen a 5.5% increase to $0.1016 over the week, making it the only top-10 token outside stablecoins to show gains. 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 noted that the supply overhang has dissipated, and sellers who were previously spooked by macro shifts or quantum fears have already exited the market, leaving it thinner on the sell-side.
He also stated that Bitcoin is less sensitive to regulatory noise or central bank policy than perceived, with its sensitivity being a function of broader volatility. Given the current quieter trading range, there is no immediate rush for exits. 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. 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, will be closely watched. 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 prices remain elevated near $111, putting renewed pressure on inflation expectations ahead of the central bank decisions. Traders will be monitoring 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, the $75,000 level will be tested quickly, and the range break flagged by Bitget will play out as expected.