Trump Pauses Strait of Hormuz Project; Bitcoin Tops $81,500

President Trump announced a pause to Project Freedom in the Strait of Hormuz today. The White House framed the move as reflecting progress toward an Iran agreement. Brent crude fell 1.81% to $107.88 and West Texas Intermediate dropped 1.72% to $100.51 on the session. Equities rose, with the S&P 500 up 0.81% and the technology sector up 1.34%.

The total crypto market capitalization increased about $21.34 billion to $2.67 trillion, a 0.81% gain on the day. Market participants noted the cap was testing resistance near $2.69 trillion. A daily close above $2.69 trillion would put the next levels at $2.73 trillion and $2.89 trillion; failure to close above could expose support at $2.64 trillion and $2.58 trillion.

U.S. naval operations blocking Iranian ports remain in place. Traders said the blockade keeps part of the geopolitical risk premium active and may limit conviction for larger price moves in energy and related assets.

Bitcoin traded around $81,519, up about 2% on the day and roughly 22% over 30 days. Analysts pointed to a bearish volume divergence: since April 17 Bitcoin’s price has risen while average daily traded volume has declined, indicating the rally has run with falling buying volume. Short-term resistance sits at $82,243 and $83,973, with higher targets at $86,435 and $89,571 if those levels are cleared. On the downside, a break below $80,514 would increase downside risk toward $78,374.

Strategy’s Executive Chairman Michael Saylor told investors the firm “may sell Bitcoin to fund dividends,” reversing a prior “never sell” position. Strategy’s shares fell more than 4% in after-hours trading. Prediction markets priced the probability that the company sells any Bitcoin before year-end at roughly 48%.

Zcash led the altcoin winners. ZEC traded near $523, up 22% over 24 hours and about 80% over 30 days. Volume for Zcash rose from April 13 through May 5, which market participants use to confirm strength. ZEC cleared $500 and sits just below a 1.618 Fibonacci extension at $564; a daily close above $564 would target a 2.618 extension at $728. Support levels were noted near $462 and $427.

Smaller tokens tied to the Trump brand rose after Eric Trump unveiled an official logo for the renamed Donald J. Trump International Airport. TRUMP gained about 3.75%, MAGA rose 3.29% and TrumpCoin (DJT) added roughly 1.1% ahead of a planned July 1 name change.

Technical analysts referenced Fibonacci retracement and extension levels to map potential resistance and support across these moves. Market data showed cross-asset risk-on flows from lower oil and stronger equities into crypto on the session.