The global financial and crypto market rally continues unabated, with the altcoin sector now beginning to show significant movement. As of this writing, both the S&P 500 and the Nasdaq are once again reaching new all-time highs. Meanwhile, Bitcoin has hit a peak of 81,796 USDT, and Ethereum continues its struggle within the 2,380 USDT resistance zone.
Historical Benchmarks: Nasdaq and S&P 500
The rally is being spearheaded by the Nasdaq, which reached a new ATH of 28,422 points during the overnight futures opening, while the S&P 500 recorded a high of 7,320 points. Since the lows of April 2025—marked by the onset of the 'trade tariffs war'—the Nasdaq has surged by +72%. This currently marks its sixth consecutive week of gains, a rare technical feat that has occurred only 22 times since the year 2000, with the most recent instance being between September and October 2024.
Tech Sector Rotation: AMD Leads as Bitcoin Gains Momentum
The current year-to-date (YTD) performance of major U.S. technology stocks shows a significant shift in leadership. Advanced Micro Devices (AMD) stands out in the semiconductor sector with a massive +66% gain, followed by Broadcom (AVGO) with +29% in the network infrastructure sector. Google and Amazon follow with gains of +22.50% and +18.50%, respectively.
The "Big Tech" Divergence
Interestingly, three members of the 'Magnificent Seven'—Meta, Tesla, and Microsoft—are currently trading in negative territory. This indicates that this year’s tech rally is not being driven solely by the largest Big Tech firms, as seen in previous years, but by a broader range of companies within the sector.
Bitcoin’s Bullish Trend Since March
Bitcoin (BTC) continues its upward trajectory, currently trading at 80,400 USDT. It shows a weekly growth of +3.53% and is up +6.50% for the month of May. However, despite this recent strength, the YTD performance for 2026 remains slightly negative at -7.27%, highlighting the depth of the earlier correction.
On the weekly chart, Bitcoin (BTC) maintains a clear uptrend with a sequence of higher highs and higher lows since March. Having successfully breached the 79,000 USDT resistance, the next objective is the 85,000 USDT area. This level is significant as it represents the 38.2% Fibonacci retracement of the major vector identified from the ATH of 126,272 USDT to the February low of 60,000 USDT.
The Path to Trend Reversal
The main resistance is situated at 93,000 USDT, where it intersects with the 50-day Simple Moving Average (SMA 50). A confirmed breakout above this zone would officially signal Bitcoin’s exit from the bearish trend. On the downside, maintaining the long-term uptrend requires BTC to hold above the first support at 73,700 USDT, followed by the primary support at 71,100 USDT.
Hormuz Crisis: Diplomatic Stalemate
The global financial outlook remains tethered to the Strait of Hormuz, where tensions between the U.S. and Iran persist without a diplomatic breakthrough. Tehran maintains strict control over the passage, citing American blockades as the reason for restrictions. While the flow is unstable and political, some tankers like the sanctioned Rich Starry have managed to transit under specific, temporary conditions or prior coordination.
Talks between Washington and Tehran remain stalled, with no set date for the next meeting, which may potentially take place in Pakistan. This ongoing uncertainty continues to fuel market volatility and the risk of escalation.
Market Volatility and Commodity Prices
The VIX futures are currently holding at 19.30 points, reflecting a heightened sense of caution among investors. Simultaneously, Brent oil futures are trading at $108 per barrel, driven by the supply risks associated with the geopolitical situation.
