This week brought mostly sideways movement in the cryptocurrency markets, with Bitcoin trading just below $77,000 during Asian hours. BTC recorded a marginal 0.1% gain over 24 hours but shed 0.8% across the week. In contrast, other cryptocurrencies experienced more significant declines.
Altcoins lose ground as Dogecoin bucks the trend
Major digital assets outside of Bitcoin faced marked selling pressure. Ether fell 2.6% this week to $2,310. XRP retreated by 3.8% to $1.39. Solana also dropped, losing 3.2% to settle at $84.57, while BNB slipped 2.3% to $625. Amid these losses, Dogecoin stood out with a 5.5% weekly rise, reaching $0.1016 and emerging as the only non-stablecoin in the top ten to see gains.
Bitcoin’s market dominance began to climb again, as investors sought the relative safety of large-cap digital assets during heightened risk aversion.
Macro factors and analyst insights
Brent crude prices surged above $111 per barrel after reports surfaced that former US President Donald Trump had ordered a maritime blockade in the Strait of Hormuz. Tensions between the US and Iran remain high, with suggestions that Iran may consider a temporary deal to open up ports.
Zaheer Ebtikar, founder of Split Research, shared that Bitcoin’s relative stability signals a potential structural change in the market. He noted that selling pressure has eased significantly and that most of those looking to exit their positions have already done so, resulting in lower downside depth.
Zaheer Ebtikar remarked, “It turns out Bitcoin is not as sensitive to regulatory developments or central bank decisions as many think. As long as volatility remains low, investors are not rushing for the exits.”
Technical picture and key levels to watch
Technical analysts identify $75,000 as a significant support level for Bitcoin. A drop below this threshold could trigger additional declines, while momentum toward the $80,000 region may reignite the rally and test resistance levels not seen since February.
Markets are now closely watching the US Federal Reserve’s interest rate decision, due Wednesday. The European Central Bank’s announcement is expected on Thursday. Recent US stock sell-offs have been linked to growing skepticism around AI investments.
Rising oil prices are fueling renewed inflation concerns ahead of central bank meetings. Analysts continue to monitor whether Bitcoin’s constrained supply will persist if a fresh macroeconomic shock emerges.
According to Ebtikar, as many sellers exited the market in March and April, Bitcoin has begun moving more in response to volatility rather than headlines. However, should this dynamic shift, the $75,000 level could quickly return to focus, with Bitget highlighting the associated risks in that zone.
