A generally horizontal trend was observed in the cryptocurrency markets this week. Bitcoin traded just under $77,000 in Asian trading. Having experienced a limited increase of 0.1 percent in approximately 24 hours, Bitcoin’s weekly loss was 0.8 percent. Significant declines were observed in other cryptocurrencies.
Losses in altcoins, Dogecoin on the rise
Other prominent digital assets in terms of market value remained under strong selling pressure. Ether fell 2.6 percent on a weekly basis, falling to $2,310. XRP also decreased by 3.8 percent to $1.39. Solana price decreased by 3.2 percent to $84.57. BNB also lost 2.3 percent of its value and retreated to $625. The most notable movement outside the list was in Dogecoin; Dogecoin, which increased by 5.5 percent in a week to $ 0.1016, was the only rising cryptocurrency other than the stablecoin in the top 10.
Bitcoin’s market dominance has started to increase again as investors turn to large assets in a risky environment.
Macro developments and analyst evaluations
As for oil prices, the barrel price of Brent oil rose above 111 dollars with the Wall Street Journal’s news that US President Donald Trump had ordered a naval blockade in the Strait of Hormuz. While the tension between the USA and Iran continues, it was stated that Iran may consider an interim agreement to open the ports.
Zaheer Ebtikar, founder of Split Research, stated that the relatively stable course of Bitcoin indicates a structural change in the market. Ebtikar emphasized that the selling pressure has eased significantly and those who want to exit the market have largely withdrawn. This shows that the depth on the sell side has decreased.
“It seems that Bitcoin is not actually as sensitive to regulatory developments or central bank decisions as thought. As long as price volatility decreases, investors are not heading for a sudden exit,” he commented.
Technical outlook and critical levels
According to analysts’ technical assessments, the $75,000 level stands out as an important support point for Bitcoin. A loss below this level may bring new declines to the agenda. On the other hand, regaining momentum towards the $80,000 region could lead to a continuation of the uptrend and a retest of resistance levels not seen since February.
All eyes in the markets will be on the interest rate decision that the US Federal Reserve (Fed) will announce on Wednesday. The decision of the European Central Bank is expected to come on Thursday. Yesterday’s share sales in the USA were associated with increasing doubts about artificial intelligence investments.
The rise in oil prices again put inflation expectations under pressure ahead of central bank decisions. Analysts will closely monitor whether the current supply contraction observed in Bitcoin will continue in a new macro shock.
According to Ebtikar’s comment, Bitcoin has now started to move with volatility rather than headlines, as those who sold in March and April exited the market. However, if this situation changes, the $75,000 level may quickly come to the fore and the risky area pointed out by Bitget may open.
