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$NVDA climbed to $240.93 in premarket trading, leaving it just about $8 short of the $6 trillion market-cap milestone. Analysts raised their price target straight to $345. Liquidity and momentum are fueling another push higher by bulls, but the anchor of macro funding costs is creating significant friction.

The U.S. 30-year Treasury yield surged overnight to 5.702% before retreating to 5.626%, prompting a rebound in U.S. stock futures. With long-term rates holding above 5%, discounted-cash-flow models for long-duration assets should face considerable pressure. Yet market participants are betting on an extremely aggressive outlook, hoping that future growth in data center and GPU performance can outweigh the valuation discount imposed by high interest rates.

Macro rates are tapping the brakes on tech growth stocks, while the AI leader is stepping on the gas on the back of aggressive cash-flow expectations. Breaking through the $6 trillion threshold may take only a few short-term surges on heavy volume, but against a backdrop of sharp swings in risk-free yields, whether investors keep buying at these levels will depend more on whether future earnings can deliver enough to support this high-cost discount-rate framework.

$SPCX climbed steadily alongside the U.S. market open, reaching $172.91. The breakout looks forceful on the surface, but the mapped token’s pricing is entirely anchored to the underlying U.S. stock and macro liquidity. A short-term decline in Treasury yields boosted risk appetite for tech and growth stocks. Combined with positive Starship launch news and passive buying driven by index inclusion, bulls rode short covering to fuel this sharp spike at elevated levels.

But details in the order book are starting to reveal a divergence. High-volume bearish candles have appeared above $172, suggesting that appetite for chasing the rally is fading as profit-taking quietly sets in. As a high-beta asset mapped to a U.S. stock, the on-chain pool lacks the depth to absorb selling pressure in the underlying. Any change in expectations for Fed rates could weigh directly on this high-valuation theme. If external liquidity tightens, the premium currently built on sentiment could contract very quickly.

The key support level ahead is $172. To maintain an upward attack pattern, bulls need the underlying stock to close firmly above that level, then clear the dense cluster of short stop-losses near $176. If momentum in the underlying fades and $172 gives way, the price structure will quickly look for support around yesterday’s consolidation midpoint at $168. Until a second wave of high-volume buying emerges, the risk-reward ratio for chasing longs here is severely unfavorable.

U.S. tech heavyweights are broadly rallying, the Nasdaq has once again hit a record high, and Chinese ADRs have also posted sizable gains. Yet $BTC continues to trade sideways in a narrow range just below the 85,000 level. Against a backdrop of cross-market risk-asset euphoria, the crypto market’s leader has failed to deliver the beta-driven upside one would expect, as the spillover of macro liquidity is visibly being blocked at the gateway to crypto.

From a trading-desk perspective, the Nasdaq’s rally has fueled a self-reinforcing flow of capital into traditional equities, while incremental liquidity has yet to make its way into the crypto spot market. Price has spent an entire week grinding sideways around 85,000, with subdued turnover and few large, aggressive buy orders sweeping the order book. When risk appetite in equities is running extremely high but crypto assets remain persistently weak by comparison, it often suggests that U.S. tech stocks are absorbing virtually all of the market’s incremental pricing power.

For bulls to break this stagnant pattern, they need to see profits from U.S. equities genuinely spill over into spot markets and drive a surge in volume and prices. If the external momentum behind U.S. stocks fades and gives way to consolidation at elevated levels, this range—lacking the ability to generate its own buying demand—could easily become a vulnerable zone for a catch-up decline as liquidity retreats. The stalemate around 85,000 is rapidly testing bulls’ patience. Keep a close eye on points of divergence in U.S. stocks at elevated levels and on changes in the depth of buy-side support in the market.