The cryptocurrency market is witnessing a unique trend, with Bitcoin remaining stagnant amidst fluctuating prices of other major assets. On Wednesday, during Asian trading hours, Bitcoin hovered just below $77,000, marking a 0.1% increase over the past 24 hours and a 0.8% decline over the week.
This stability occurred despite Brent crude oil prices exceeding $111 per barrel, triggered by a Wall Street Journal report stating that President Donald Trump has instructed his aides to prepare for an extended US naval blockade of the Strait of Hormuz. Iran has expressed its country's state of distress, while Tehran has indicated a willingness to 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, 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 was Dogecoin, which saw a 5.5% increase to $0.1016 over the week. 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 that Bitcoin's relative calmness is indicative of a shift in market structure. "The excess supply has been absorbed, and sellers who were spooked by macroeconomic shifts or quantum concerns have already exited, leaving the market much thinner on the sell-side than it was a few months ago," he stated in an email to CoinDesk. "Bitcoin is less sensitive to regulatory noise or central bank policies than people think. Its sensitivity is purely 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, analysts at Bitget have identified $75,000 as a critical level, where the upward range that has held since late March could break, potentially leading to further downside. 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.
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, staying elevated near $111, which could put 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 macroeconomic 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 anticipated.