The Week in Crypto: Bitcoin Breaks $100k, Macro Instability Triggers Risk-Off Sentiment

Volatility gripped the crypto market this week. Bitcoin [BTC] surged to a new all-time high above $111k. However, macro instability swiftly reintroduced risk-off sentiment.

The crypto market experienced a week of volatility, with Bitcoin (BTC) briefly surging to a new all-time high above $111k. However, macro instability swiftly reintroduced risk-off sentiment, capital didn’t exit entirely but instead flowed selectively into pockets of strength, keeping certain sectors well bid.

Among the top performers, SPX6900 [SPX] claimed the top weekly gainer spot with a staggering 78.47% surge in valuation. The week commenced with a bearish 2.10% drop, closing at $0.0743, but aggressive capital inflows fueled a 25% rally over three consecutive days.

Despite this momentum window, SPX capitulated to market-wide FUD on the 23rd of May, suffering a sharp 5.09% single-day correction before consolidating tightly around the $0.85 level. Volume dropped 55.84%, signaling that the short-term hype might be fading fast. Without fresh buying pressure, SPX risks slipping back toward $0.77 in the near term.

Worldcoin [WLD] secured the second position with a strong 20.38% weekly gain, fueled by risk-on market sentiment. On the 22nd of May, WLD broke key resistance at $1.30 with a sharp 26.91% intraday surge, closing at $1.51 – a two-month high. Following the breakout, price retraced to retest the $1.30 level amid broad market FUD.

The critical factor now is whether $1.30 holds as a support zone, backed by increasing spot volume. If confirmed, WLD is well-positioned to target a retuned of $1.50. Monitoring volume trends will be essential to gauge the sustainability of this move.

Hyperliquid [HYPE] has secured a top-three spot, underpinned by strong technical momentum and bullish market dynamics. After bottoming at $9.32 in mid-April, HYPE embarked on a clear linear uptrend. It was supported by sustained buying pressure that systematically squeezed short positions and triggered sizable liquidity sweeps.

The recent weekly breakout saw a surge of short-covering activity as HYPE tested its mid-February resistance near $27. The timing couldn’t have been better. The move coincided with Bitcoin’s all-time high, amplifying the short squeeze effect.

Surely, the overbought RSI suggests potential for a local cooldown. However, HYPE’s dominance on the daily gainer board signals otherwise. Its momentum remains firmly in bull territory.

With price structure holding strong above key support levels and shorts continuing to get squeezed, the path of least resistance is still up. If follow-through volume kicks in, HYPE could easily extend its rally into next week’s sessions.

In the broader market, altcoin rockets stole the spotlight this week. Among them, Collatrize [COLAT] led the charge with a staggering 160.7% surge, easily dominating the leaderboard. Efinity [EFI] wasn’t far behind, posting a 135.5% jump, while Moonpig [MOONPIG] rallied 101.6%.

In contrast, Pyth Network [PYTH] topped the weekly losers with a sharp 19.27% drawdown. The drop wasn’t gradual, either. It opened the week with an 11.92% single-day plunge, dragging the price down to $0.13 and marking its lowest level in a month.

Yet, even at these depressed levels, buyers stayed on the sidelines, showing little appetite for risk. What followed was a low-volume chop, forming a textbook compression range.

Typically, such a pattern is often a prelude to a volatile breakout or breakdown. But given the muted on-chain flows and lack of bullish defense, the bias leans bearish.

If bulls fail to reclaim the initiative soon, PYTH could break lower, targeting the $0.10 zone. It is a structural and RSI support level where dip-buyers might finally step in.

Story [IP] wrapped the week with a 13.39% drawdown, claiming the second spot on the weekly losers board. But there’s more to this chart than just red candles.

Technically, the token is still holding a higher-timeframe structure. After opening with a 5.09% drop and two consecutive days of downside pressure down to $4.44, bulls stepped in with a quick 5.33% bounce. This small rally occurred on the 23rd of May, demonstrating that despite the bearish market, there is still buying interest at lower price points.

This resilience is evident as the price continues to be supported, especially considering the strong selling that