Bitcoin extended its six-week slide as Wall Street kicked off the week with fresh records, underscoring the growing gap between crypto prices and traditional risk assets. BTC traded around the low $72,000s, with a dip to about $72,395 on Bitstamp marking another test of near-term support as U.S. equity indices surged to new highs.

In a backdrop of upbeat stock performance — the S&P 500 and the Dow Jones Industrial Average both flirting with intraday records — traders weighed the persistence of the crypto weakness versus the risk-on appetite in conventional markets. The market narrative has increasingly centered on whether Bitcoin can hold key technical floors or if a broader rotation into risk assets could push prices lower in the near term. The week’s mood was further shaped by headlines around a potential durable ceasefire in a broader geopolitical front, which has historically fed risk-on sentiment in equities even as crypto liquidity and volatility persisted.

Key takeaways

• Bitcoin hovered around the $72,000 support zone as U.S. stocks touched fresh highs, highlighting a persistent crypto-equities divergence.
• A wide technical battleground exists in the $72,000–$74,000 range; a break below could push BTC toward new lows, while a rally above roughly $77,000 may rekindle the uptrend, according to prominent analysts.
• Trader Michaël van de Poppe warned that the level of support is crucial, suggesting that a break could set the stage for downside, whereas clearing the $77k mark could signal the start of the next leg higher.
• Derivative and risk metrics pointed to potential volatility ahead: long-position pressure and liquidations per market trackers indicate the risk of a squeeze remains elevated heading into weekend closes.
• The 100-day moving average near $72,972 remains a focal technical level, with traders watching for signals from weekly indicators and pattern formations that could guide the next move.

Bitcoin’s price action amid stock strength

Data compiled during the U.S. trading session showed BTC/USD slipping closer to the $72,000 zone, with Bitstamp recording a print near $72,395. Traders noted that the move comes during a period of broad stock-market strength, with a number of indices testing or setting new highs as investors priced in a continued risk-on environment. The discordance between a strong equity backdrop and a softer Bitcoin price has become a recurrent theme, reflecting ongoing debates about sector rotation, liquidity, and the drivers of institutional participation in crypto markets.

From a broader market standpoint, investors have been parsing headlines around a potential lasting ceasefire situation involving major geopolitical players. While such developments can lift stocks, Bitcoin has shown resilience to remain within a defined price corridor rather than breaking decisively in either direction. In this context, traders have been keenly watching how the technical landscape evolves as the weekend approaches.

Analyst views and potential trajectories

“Bitcoin is about to collapse to lows, if this level of support doesn’t hold. That’s just the reality.”

That assessment came from Michaël van de Poppe, who shared a nuanced view on the outlook for BTC in a post on X. While emphasizing the critical nature of support in the $72,000–$74,000 band, he also signaled that a breakout above $77,000 could mark the beginning of the next leg upward. The contrast in these two thresholds underscores the market’s current bifurcation: a construct where the next move is heavily contingent on whether buyers can defend key floors or whether sellers gain the upper hand and push Bitcoin toward new lows, especially if risk appetite shifts again.

Van de Poppe also drew attention to the broader macro setup, noting that even if BTC stabilizes here, price action remains tethered to the path of risk-on assets and macro catalysts. In his view, a sustained break above the $77,000 level could re-energize the bull case, while failure to hold support could expose BTC to renewed downside pressure and a potential widening gap against altcoins.

Derivatives, on-chain signals, and near-term risk

Market-commentary researchers and traders offered a cautionary read on the immediate horizon. CGT Trader highlighted a setup that could precede renewed volatility heading into the weekend, noting that extended long exposure and positive funding, coupled with declining open interest, could foreshadow a “long squeeze” if the price fails to sustain upward momentum. The assessment reflects a broader pattern in which traders appear to be holding risk-on bets even as some participants derisk and reduce exposure ahead of weekly closes.

Meanwhile, data aggregators signaled elevated risk in the near term. CoinGlass tracked more than $200 million in cross-crypto liquidations over a 24-hour window, illustrating persistent risk concentrations in the broader market backdrop. Such figures typically precede heightened volatility, reinforcing the sense that traders should be prepared for abrupt moves during the closing days of the week.

On the technical front, Market intelligence firm Material Indicators emphasized that volatility could spike as Sunday’s cluster of daily, weekly, and monthly closes arrived. In addition, its analytics flagged a potential head-and-shoulders pattern forming, with a possible pullback to the $68,000–$69,000 zone if current dynamics fail to sustain momentum. The note also pointed to the 100-day simple moving average, which sits around $72,972, as a critical pivot for the near term. “The big tells will be whether bulls can rally from the 100 DMA, and how Weekly RSI is trending after the weekly close,” the team observed, highlighting the macro tilt of the current price action.

These signals paint a nuanced picture: while there is still speculative appetite in the market, a constellation of risk indicators suggests a probability of continued volatility and potential retracements if key supports fail to hold or if the market fails to sustain a bid above important technical thresholds.

What to watch next

As the weekend approaches, the immediate focus for traders will be whether Bitcoin can defend the critical support zone around $72,000. A successful hold in this area could set the stage for a bounce toward the next meaningful resistance, potentially near $77,000, where bulls previously signaled a renewed push higher. Conversely, a decisive break below the $72,000 floor could open downside momentum toward mid- to upper-$60,000s, particularly if the broader risk-on backdrop falters or if liquidity conditions tighten further.

Beyond price levels, market participants will be watching the interaction between spot volumes, derivatives activity, and on-chain signals. The combination of high liquidations and positive funding conditions suggests a delicate balance between bullish intent and the risk of a sudden squeeze if the price fails to sustain a directional move. The upcoming weekly close will be a focal point for traders who rely on pattern recognition and moving-average confluences to gauge the next phase of the cycle.

For investors and builders in the space, the key takeaway remains: the immediate path for Bitcoin hinges on defending critical technical floors while macro narratives and liquidity dynamics continue to influence the pace of gains or retracements. The next few sessions could clarify whether Bitcoin resumes its longer-term uptrend or remains ensnared in a choppy range as market participants reassess risk budgets.

As always, readers should stay tuned to market developments and monitor how the price behaves around the 100-day moving average and around the outlined support and resistance thresholds, as the weekend closes and the new week begins.

Key Highlights

• Dell Technologies stock jumped approximately 32% on Friday, tracking toward its strongest single-day performance on record
• First-quarter revenue climbed nearly 88% compared to last year, with AI server sales reaching $16.1 billion — an explosive 757% surge
• Adjusted earnings per share of $4.86 significantly exceeded the Street’s $2.94 forecast
• Susquehanna elevated Dell to Positive with a new price target of $700, up from $138
• J.P. Morgan increased its target to $500 from $280, while Morgan Stanley acknowledged missing the mark on Dell’s potential

Dell Technologies delivered a jaw-dropping earnings report Thursday evening, propelling its shares approximately 32% higher on Friday in what’s shaping up to be the company’s strongest trading session since its return to public markets in 2018.

Dell Technologies Inc., DELL

The results were nothing short of spectacular. First-quarter revenue soared nearly 88% year over year, fueled by unprecedented demand for AI infrastructure. Revenue from AI-optimized servers alone reached $16.1 billion — representing a staggering 757% jump compared to the year-ago period.

Adjusted earnings per share landed at $4.86, crushing Wall Street’s consensus forecast of $2.94.

Ben Reitzes, who leads technology research at Melius, didn’t mince words: “They beat every line in the model — so this wasn’t just AI, it was great execution.”

Wall Street Rushes to Adjust Forecasts

The blowout results triggered a flurry of target price increases Friday morning.

Susquehanna delivered the most dramatic revision, elevating Dell to Positive from Neutral while boosting its price target to $700 from $138. The investment firm highlighted AI server growth occurring without margin compression, expanding opportunities in inferencing workloads, and stronger-than-anticipated performance across client solutions.

J.P. Morgan maintained its Overweight stance while increasing its target to $500 from $280. Analyst Samik Chatterjee observed that Dell’s revised fiscal 2027 guidance was lifted “materially once again,” with customer demand running significantly ahead of projections and order pipeline clarity extending deeper into the calendar.

Dell’s revised full-year AI revenue forecast of $60 billion suggests 144% annual growth, per J.P. Morgan’s analysis.

Citi maintained its Buy recommendation and boosted its target to $475 from $290, characterizing the quarter as an “exceptional beat and raise” with customer demand persistently outpacing available supply.

Morgan Stanley Acknowledges Misjudgment

Morgan Stanley, currently rated Underweight with a $170 target, offered a rare mea culpa in Friday’s research note.

“We got this one wrong, and our model/PT are under review,” wrote analysts headed by Erik Woodring. They described it as “one of the most impressive quarters we’ve seen in our time covering Hardware.”

Conventional server revenue nearly doubled year over year. Storage solutions recorded their fastest expansion in three years. PC division operating margins reached near-peak levels. Full-year guidance received an approximately 40% upward adjustment.

Dell also secured a Pentagon contract valued at $9.7 billion earlier this week to deliver software solutions to U.S. military operations.

Heading into Thursday’s earnings announcement, Dell’s stock had already climbed nearly threefold over the preceding twelve months.

J.P. Morgan acknowledges that Dell’s second-half outlook incorporates a $10 billion sequential revenue deceleration — though analysts emphasize this reflects supply constraints rather than weakening demand, and anticipate continued guidance increases as production capacity expands.

Dell increased its full-year revenue projection to reflect approximately 50% annual growth.

Bitcoin (BTC) deepened six-week lows at Friday’s Wall Street open as US stock markets diverged to all-time highs.

Key points:

• Bitcoin sinks closer to $72,000 as analysis eyes “crucial” BTC price levels.
• US-Iran ceasefire talks send stocks to even higher records as the crypto divergence continues.
• Bitcoin’s 100-day moving average gains significance as a battleground for bulls.

BTC price analysis sees “crucial” range now in play

Data from TradingView showed BTC/USD dropping to $72,395 on Bitstamp to start the US TradFi trading session.

BTC/USD one-day chart. Source: Cointelegraph/TradingView

Continuing a losing streak from recent weeks, the pair again saw downside pressure, even as stocks surged further into price discovery.

The S&P 500 started Friday with new record highs, while the Dow Jones Industrial Average did likewise.

S&P 500 vs. Dow Jones one-hour chart. Source: Cointelegraph/TradingView

Anticipation of a lasting ceasefire between the US and Iran drove the momentum, even as military strikes continued.

Commenting, trader and analyst Michaël van de Poppe argued that geopolitical changes could still save the Bitcoin price trend.

“Bitcoin is about to collapse to lows, if this level of support doesn’t hold. That’s just the reality,” he wrote in a post on X. 

“Anything between $72,000-74,000 is crucial and could be the end of the correction, especially if Trump comes with a new deal –> rates go down –> oil goes down –> risk-on assets (especially crypto) go higher.”

BTC/USDT one-day chart. Source: Michaël van de Poppe/X

Van de Poppe suggested that $77,000 was the line in the sand to start the “next leg upwards.”

“If that doesn’t happen, then we’re about to witness another leg towards the lows and probably new lows on the altcoin markets,” he added.

Weekly close tipped to see extra volatility

Continuing the general sense of caution among Bitcoin market participants, trading account CGT Trader warned that BTC long positions could face liquidation next.

Related: Bitcoin bids farewell to CME futures gaps with $67K still on radar

“Long squeeze loading …. Price continues to range while funding stays heavily positive and open interest keeps declining. That usually suggests the market is still leaning aggressively long, even as some participants are already closing positions and derisking,” an X post read. 

“At the same time, spot volume continues to fade, which points toward underlying weakness. Given these conditions, a long squeeze looks increasingly likely.”

Binance BTC/USDT futures order-book data. Source: CGT Trader/X

Data from CoinGlass showed the total 24-hour cross-crypto liquidations passing $200 million at the time of writing.

Crypto liquidation history (screenshot). Source: CoinGlass

Looking ahead, trading resource Material Indicators told followers to “expect volatility” on Bitcoin as Sunday’s joint daily, weekly and monthly close approached.

“We have a cluster of liquidations around $76k and a developing H & S pattern that could take price down to the Q2 Timescape R/S Levels in the$68k – $69k range,” it noted, referring to data from its proprietary trading tools. 

“The big tells will be whether bulls can rally from the 100 DMA, and how Weekly RSI is trending after the W close.”

BTC/USD one-hour chart with 100-day SMA. Source: Cointelegraph/TradingView

Material Indicators referenced the 100-day simple moving average, currently at $72,972.

TLDR:

• Bitcoin ETF outflows surpassed $4 billion during one of 2026’s largest withdrawal phases.
• Santiment data shows major ETF outflow spikes often emerge close to Bitcoin market bottoms.
• Whale wallets and retail traders are simultaneously increasing spot Bitcoin accumulation activity.
• Thin liquidity above $74K may accelerate Bitcoin price movement if bullish momentum strengthens.

Bitcoin ETF outflows have crossed $4 billion since May 7, reflecting rising caution among institutional and retail investors.

However, fresh CVD data and weakening sell-side liquidity suggest Bitcoin could be approaching a critical turning point after weeks of aggressive market pressure.

Bitcoin ETF Outflows Signal Investor Capitulation

According to Santiment data, cumulative withdrawals from spot Bitcoin ETFs now exceed $4.013 billion within three weeks.

The heavy selling pressure reflects a sharp decline in confidence across mainstream investment markets. Institutional investors, hedge funds, wealth managers, and retail traders have all contributed to the latest wave of capital exits.

Santiment noted that extreme Bitcoin ETF outflows historically appeared during emotionally driven market conditions.

Similar patterns emerged during November 2025, when ETF products recorded nearly $903 million in daily withdrawals before Bitcoin staged a recovery rally.

Another major outflow event occurred on May 27, 2026, when roughly $738 million exited spot Bitcoin ETFs. The latest selling trend now ranks among the largest sustained withdrawal periods since spot Bitcoin ETFs launched in the United States.

The analytics platform also pointed out that previous inflow spikes coincided with overheated market conditions. In July and October 2025, billion-dollar ETF inflows arrived near local Bitcoin highs as bullish sentiment intensified across the market.

By contrast, current Bitcoin ETF outflows suggest investors are reducing exposure after prolonged uncertainty and weakening momentum. Market fear has increased steadily as traders react to broader macroeconomic pressure and persistent volatility.

Bitcoin CVD Data Shows Buyers Returning

Despite continued Bitcoin ETF outflows, recent cumulative volume delta data paint a more constructive market structure beneath the surface. Santiment reported that buying activity has started increasing across nearly every major order cohort.

Retail traders executing smaller orders have returned to spot accumulation. At the same time, whale-level participants between $100,000 and $10 million are also rebuilding exposure after earlier distribution phases.

This alignment between smaller investors and larger wallets often strengthens bullish momentum during recovery periods. Historically, synchronized spot buying has preceded stronger Bitcoin expansion phases when liquidity conditions remain favorable.

The report also identified the $74,000 region as a key resistance level for Bitcoin. Market heatmaps indicate relatively thin sell-side liquidity above that zone, reducing the number of major sell walls overhead.

Analysts often describe such conditions as a liquidity gap, where aggressive buying pressure can trigger faster upward price movement.

If Bitcoin breaks above resistance with strong volume, short covering and renewed momentum could accelerate price action quickly.

While macroeconomic risks remain, current CVD trends suggest stronger hands are quietly absorbing supply during the latest phase of market weakness.

TLDR:

• Kalshi secured approval for the first regulated bitcoin perpetual futures contract in the U.S.
• Coinbase received CFTC relief to route clients into offshore crypto perpetual futures markets.
• The CFTC classified certain crypto perpetuals as foreign futures under Regulation 30.1.
• Regulators introduced leverage safeguards while expanding crypto derivatives market access.

CFTC crypto perpetual futures entered a new regulatory era after the agency approved Kalshi’s bitcoin perpetual contract and cleared Coinbase’s foreign derivatives structure.

The decisions establish the first workable framework for regulated crypto perpetual trading in the United States. This will help in expanding institutional access to offshore markets.

CFTC Opens Door for Regulated Bitcoin Perpetual Futures

CFTC crypto perpetual futures moved into the spotlight after regulators approved Kalshi’s BTCPERP contract on Friday.

The approval creates the first regulated pathway for bitcoin perpetual futures trading inside the United States. Until now, most crypto perpetual activity operated through offshore platforms beyond direct U.S. oversight.

The Commodity Futures Trading Commission confirmed that Kalshi’s contract must comply with the Commodity Exchange Act and existing market standards.

The agency described the move as part of a broader effort to create a workable structure for digital asset derivatives products.

Bitcoin perpetual futures differ from traditional futures because they carry no expiration date. Traders can maintain positions indefinitely while speculating on future crypto price movements.

These contracts have become one of the most actively traded products across global crypto exchanges because they offer constant market exposure.

Kalshi CEO Tarek Mansour said the approval represents the company’s expansion beyond prediction markets into regulated derivatives trading.

In a company statement, Mansour noted that regulated perpetual contracts could improve capital allocation and strengthen risk management for U.S. businesses seeking crypto exposure.

CFTC Chairman Mike Selig also backed the development, describing perpetual futures as an important tool for risk management and price discovery across crypto markets.

He added that bringing crypto perps onshore aligns with broader efforts to position the United States as a major digital asset hub.

Coinbase Gains Access to Offshore Crypto Perpetual Markets

Alongside the Kalshi approval, the CFTC issued a no-action letter involving Coinbase Financial Markets and Deribit FZE.

The guidance allows Coinbase’s registered futures commission merchant subsidiary to connect customers with foreign perpetual futures and options products through Coinbase Bermuda.

The agency confirmed that the perpetual contracts referenced in the letter qualify as foreign futures under Commission Regulation 30.1.

The arrangement also permits certain customer-owned crypto assets, including bitcoin, ether, and payment stablecoins, to serve as margin collateral under specific conditions.

Coinbase Chief Legal Officer Paul Grewal called the decision a major step for the crypto industry. The guidance gives U.S.-linked clients broader access to offshore perpetual markets while operating within a defined regulatory framework.

The announcements arrived shortly after President Donald Trump criticized previous U.S. crypto policies for pushing perpetual trading activity offshore.

Trump argued that earlier regulatory pressure weakened domestic innovation while global crypto derivatives markets continued expanding outside the country.

Despite the approvals, the CFTC’s current position remains guidance-based rather than fully codified under permanent rules.

Still, the latest actions establish a clearer framework for crypto derivatives firms seeking regulated access to perpetual futures markets in the United States.

Key Highlights

• First-quarter FY2027 product revenue reached $1.334 billion, marking a 33.9% year-over-year increase and exceeding consensus by 5.3%
• Cortex Code (CoCo), Snowflake’s AI-powered product, expanded to more than 7,100 customer accounts following its February 2026 launch
• HSBC elevated its rating to Buy with a price target increase from $176 to $289
• Analyst price targets climbed across the board, with Monness, Crespi, Hardt establishing the highest at $320
• The company strengthened collaborations with AWS and OpenAI while revealing acquisition plans for AI company Natoma

Shares of Snowflake (SNOW) climbed approximately 3.6% to the $239.20 level following the cloud data company’s first-quarter fiscal 2027 earnings release, which exceeded analyst projections for both top-line and bottom-line performance. The advance comes on top of a 39% rally during the week preceding the earnings announcement.

Snowflake Inc., SNOW

The company reported product revenue of $1.334 billion for the quarter, representing a 33.9% gain from the same period last year. This figure surpassed the FactSet consensus estimate by 5.3%. Operating income exceeded expectations by 35.2%.

Management increased full-year projections and enhanced operating margin guidance by 100 basis points. The company maintained its FY2027 product gross margin outlook at 75%.

Much of the quarter’s outperformance stems from robust adoption of Snowflake’s artificial intelligence offerings, particularly Cortex Code, known internally as CoCo. Since becoming generally available in February 2026, the solution has expanded to over 7,100 client accounts.

Executives identified CoCo as the primary catalyst for upgrading FY2027 guidance. The rapid adoption trajectory is notable given the product has been widely available for less than half a year.

The company’s foundational data platform consumption has also accelerated. Enterprises are migrating workloads to Snowflake more aggressively to enable governed AI revenue applications, which simultaneously boosts direct AI-related revenue and overall platform utilization.

Wave of Bullish Analyst Revisions

HSBC delivered the most significant rating change, elevating SNOW from Hold to Buy while raising its price objective from $176 to $289. Analyst Stephen Bersey highlighted CoCo as the most tangible evidence of Snowflake’s capacity to generate revenue from artificial intelligence.

Monness, Crespi, Hardt established an even more ambitious target of $320. Benchmark increased its forecast to $270, pointing to unprecedented sequential dollar expansion. Cantor Fitzgerald set a $282 target. Truist Securities positioned its estimate at $275, while Freedom Broker projected $300.

This coordinated wave of upgrades signals a fundamental reassessment of Snowflake’s growth potential across the analyst community.

Strategic Partnerships and M&A Activity

The company unveiled expanded strategic relationships with AWS and OpenAI, strengthening its footprint within the enterprise artificial intelligence infrastructure. Snowflake also disclosed intentions to purchase Natoma, an emerging AI firm, though financial details remain undisclosed.

These strategic initiatives broaden Snowflake’s presence throughout the AI landscape — spanning both cloud computing infrastructure and practical AI application development.

During the earnings call, leadership acknowledged potential headwinds. Escalating AI infrastructure costs and execution risks related to scaling recently launched products were identified as areas requiring close monitoring.

Snowflake continues to operate at a loss on a trailing twelve-month basis. Nevertheless, analysts currently project the company will achieve profitability during the current fiscal year, with consensus EPS estimates of $2.83 for FY2027.

InvestingPro noted that the stock may be trading above fair value at present levels, despite the strong earnings performance and elevated guidance.

Year-to-date, SNOW shares have advanced 9.04%, with the company’s market capitalization standing at approximately $60.75 billion based on recent trading data.

TLDR:

• TRX price dropped from $0.375 to $0.346, resetting the daily RSI from above 74 down to nearly 43.
• SunPump Token Create Events collapsed nearly 70% vs. its three-month baseline, signaling fading meme-coin hype.
• TRON active addresses rose 17% month-over-month, holding a strong daily average of roughly 6 million users.
• Tron Inc. bought 141,433 TRX at $0.3535, pushing total treasury holdings past 698 million TRX tokens.

TRX, the native token of the TRON blockchain, has retreated sharply over the past 48 hours. The price has slid from a local high near $0.375 to around $0.346.

Alongside this drop, the RSI on the daily chart has reset from overbought levels above 74 to approximately 43.

On-chain data, however, tells a more nuanced story — one where base utility continues to hold even as speculative activity cools.

SunPump Activity Collapses as Meme-Coin Hype Retreats

The most telling signal behind this TRX correction is the steep decline in meme-coin creation on the TRON ecosystem.

SunPump Token Create Event Count has fallen by 58% compared to last month. Against its three-month baseline, the drop is even steeper — nearly 70%, with near-zero events recorded in recent days.

This kind of speculative pullback is not unusual following a sharp price run-up. Markets often attract short-term participants drawn by momentum rather than fundamentals. When that momentum fades, token creation activity tends to dry up alongside it.

Source: Cryptoquant

What makes this particular data point relevant is that SunPump activity had been one of the visible drivers of elevated TRX sentiment. As that layer of hype deflates, the price naturally adjusts to reflect a lower speculative premium on the asset.

The sharp decline in meme-coin events does not mean the TRON network is losing users or transaction volume. It simply removes a layer of froth that had been priced into TRX during the run-up phase.

Active Addresses and Transaction Volume Remain on Solid Ground

Despite the retreat in speculative metrics, TRON’s core usage data has held firm. Active addresses have actually grown by 17% over the past month. The network continues to process a strong daily average of roughly 6 million active addresses.

Total daily transaction counts are also stable, maintaining more than 12 million transactions per day. This level of consistent on-chain activity points to a network that is still in active use beyond the meme-coin cycle.

Adding another layer to the picture, Tron Inc. (NASDAQ: TRON) disclosed a fresh treasury purchase. The company acquired 141,433 TRX tokens at an average price of $0.3535, bringing its total TRX treasury holdings to over 698 million TRX. The move reflects ongoing institutional conviction in the token even through the price correction.

This structural divergence — collapsing speculative activity alongside stable core usage — sets up a potential reset toward sustainable pricing.

Traders are now watching whether the $0.34 zone can establish itself as a fundamental support level rather than a temporary liquidity flush.