Bitcoin’s Standstill Amidst Market Movements
Bitcoin seems to be standing still while the rest of the market continues to shift around it. As of Wednesday during Asian trading, the largest cryptocurrency was hovering just below $77,000, showing only a slight increase of 0.1% over the past 24 hours but down 0.8% for the week. This static performance is notable, especially as Brent crude prices exceed $111 per barrel.
According to a report, President Trump has asked his aides to prepare for a potential extension of the U.S. naval blockade in the Strait of Hormuz. Trump claims that Iran is “in a state of collapse.” Meanwhile, on Tuesday, Iran hinted it might agree to a temporary reopening of the strait if the U.S. lifts the blockade on its ports.
Ether declined by 2.6% this week, trading at $2,310, while XRP dropped 3.8% to $1.39. Solana also lost 3.2%, settling at $84.57, and BNB fell 2.3% to $625. In contrast, Dogecoin was an exception, rising 5.5% this week to $0.1016, making it the only top 10 non-stablecoin in the green over the past seven days.
Bitcoin’s market influence is gradually increasing. Such behavior often surfaces amid macroeconomic stress when capital becomes a critical asset to hold.
According to Zaheer Ebtikar, founder of Split Research, Bitcoin’s steadiness might signal a shift in the market’s structure. In an email to CoinDesk, he mentioned, “The market is now thinner on the selling side compared to a few months ago, as oversupply has diminished and sellers wary of macroeconomic changes have exited.”
Ebtikar added that Bitcoin is less reactive to regulatory concerns and central bank policies than commonly perceived. Its sensitivity is largely tied to the volatility level, which is currently at a quieter trading range, indicating that there’s no immediate urgency to sell.
Looking at the technical analysis, BitGet analysts have noted that $75,000 is the level where the bullish trend since late March could break down. A significant drop below this point could lead to further declines.
If Bitcoin can bounce back to around $80,000, it would help maintain the upward trend and potentially retest the resistance that has thwarted Bitcoin’s advances since February.
As for the Federal Reserve, they made their interest rate decision late Wednesday, and the ECB followed suit on Thursday. There was also a sell-off in U.S. stock markets on Tuesday amid skepticism regarding returns from capital allocated to artificial intelligence, with Nasdaq 100 futures down 0.4% during Asian trading.
Brent crude’s prices fluctuated, continually hovering around $111, heightening inflation expectations just ahead of the central bank’s decisions.
Traders are likely to monitor whether Bitcoin’s perceived depletion of supply can endure the next macroeconomic shock. If Ebtikar’s assessment holds true, the seller group that capitulated in March and April might have vanished, allowing Bitcoin to fluctuate based on volatility rather than headlines until any new selling pressure arises. If his view is incorrect, then $75,000 will be immediately challenged, triggering the expected breakdown of the BitGet range.
