Bitcoin Holds Below $77,000 as Oil Tops $111 on Extended Hormuz Blockade Reports

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Bitcoin traded just under $77,000 on Wednesday, flat over 24 hours and down 0.8% on the week, holding a tight range while oil surged above $111 a barrel on a Wall Street Journal report that President Trump told aides to prepare for an extended U.S. naval blockade of the Strait of Hormuz. The Federal Reserve announces its rate decision later in the session.

Bitcoin Holds Flat as Ether, XRP, and Solana Drop 2-4% on the Week

Bitcoin’s near-zero movement over 24 hours contrasts with losses across the rest of the top 10. Ether fell 2.6% on the week to $2,310. XRP dropped 3.8% to $1.39. Solana lost 3.2% to $84.57. BNB shed 2.3% to $625. The exception was dogecoin, which was up 5.5% on the week to $0.1016, the only top-10 non-stablecoin token in the green over seven days.

Bitcoin’s market dominance has been climbing as a result. Capital tends to rotate toward the largest asset when macro stress arrives, and the altcoin underperformance this week fits that pattern.

Trump Tells Aides to Prepare for an Extended Hormuz Blockade

The Wall Street Journal reported that Trump told aides to prepare for an extended U.S. naval blockade of the Strait of Hormuz. Trump claimed on Truth Social on Tuesday that Iran is in a ‘State of Collapse’. Tehran has separately signaled it may accept an interim deal to reopen the strait if Washington lifts its blockade of Iranian ports.

Brent crude stayed elevated near $111 a barrel on the blockade reporting, putting renewed pressure on inflation expectations heading into the Fed and European Central Bank decisions this week. U.S. equities sold off on Tuesday on growing skepticism about AI capital expenditure returns, though Nasdaq 100 futures clawed back 0.4% in Asian hours.

Bitcoin’s Flat Price Reflects a Dried-Up Supply Overhang, Analyst Says

Zaheer Ebtikar, founder of Split Research, said Bitcoin’s muted reaction reflects a thinner sell side rather than indifference to the headlines.

“The supply overhang has finally dried up, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side than it was just a few months ago,” Ebtikar said.

“Bitcoin is far less sensitive to regulatory noise or central bank policy than people think. Its sensitivity is purely a function of wider volatility, and since we’re currently in a quieter trading range, there’s no immediate rush for the exits.”

If Ebtikar’s read is correct, the seller base that capitulated through March and April is largely gone, and Bitcoin trades on volatility rather than headlines until something forces a fresh leg of selling.

$75,000 and $80,000 Mark the Edges of the Range

Analysts at Bitget flagged $75,000 as the level where the upward range that has held since late March breaks. A clean loss there could open room for further downside. A reversal back toward $80,000 from current levels keeps the rally structure intact and sets up a retest of resistance that has rejected Bitcoin on every attempt since February.

The Fed decision later Wednesday and the ECB on Thursday are the next scheduled catalysts. With oil above $111 and inflation expectations under upward pressure from the Hormuz situation, the central bank outlook is the variable most likely to test whether Bitcoin’s supply-side calm holds or whether the $75,000 floor comes into play.