Bitcoin prices have declined to $74,612, down over 3% in the past 24 hours from the previous high of $80,529 reached on May 4. According to latest market data, the cryptocurrency is now trading at a $74,612 level, representing a significant pullback from the breakthrough above the $80,000 resistance level. On Stocktwits, retail sentiment around BTC has moved to 'extremely bearish' from the 'bearish' zone, while chatter around it remains in the 'normal' levels over the past day. This shift in sentiment comes after Bitcoin's earlier surge to $80,529 following Trump's announcement of 'Project Freedom' - a U.S. military operation involving 15,000 service members and over 100 aircraft to escort stranded merchant ships through the Strait of Hormuz.
Michael Saylor, Executive Chairman of MicroStrategy (MSTR), called Strive Asset Management's SATA preferred shares 'the most interesting story in Bitcoin right now' on Friday, highlighting the growing interest around Bitcoin-backed capital markets strategies. According to Strategy and Strive reports, Strive holds over 15,000 BTC, valued at roughly $1.2 billion, making it one of the largest corporate holders of the cryptocurrency. SATA, Strive's preferred stock product, recorded over $39 million in daily trading volume on Friday, as per BitcoinTreasuries.net data, with the preferred shares trading near $100 and offering a stated dividend yield of 13%. Strive CEO Matt Cole added that the company remained 'locked in & laser focused' on SATA, describing the broader strategy as an effort to deepen liquidity, reduce volatility, and maintain an attractive yield. Cole explained that 'The Digital Credit flywheel is spinning, with Bitcoin as pristine collateral for global capital markets.'
The earlier surge above $80,000 was triggered by Trump's announcement of 'Project Freedom' - a U.S. military operation involving 15,000 service members and over 100 aircraft to escort stranded merchant ships through the Strait of Hormuz starting Monday morning Middle East time. The president had previously rejected Iran's 14-point peace proposal but announced this military operation as Washington's move to break the blockade that has choked off 20% of the world's oil supply since the war started. This represents a significant structural shift, as the $80,000 level had been rejected in every previous attempt over the past three months, with BTC pulling back anytime it reached above $79,000. The peace agreement announcement addresses multiple regional concerns, with Trump emphasizing that 'In addition to many other elements of the Agreement, the Strait of Hormuz will be opened.' The move has also pulled Brent crude back to around $107 from last Thursday's $126 spike, easing pressure on the crypto market once again.
Despite the recent pullback, Bitcoin's move above $80,000 had reclaimed its bull market support band - the moving average band that has capped every recovery attempt for the past few months. As reported by CryptoQuant, the previous four rallies all stalled below $79,000, which is well short of the band. The True Market Mean - the cost basis for the average BTC holder - has also been cleared, with anyone who bought in the last six months now back at break-even. However, CryptoQuant's April report showed Bitcoin's rally from $66,000 to $79,000 was driven entirely by perpetual futures demand, with spot buying actively contracting through the month. The CryptoQuant Bull Score Index dropped from 50 to 40 over April, moving from neutral back into bearish territory, suggesting the rally was built on leverage rather than fresh capital. Looking ahead, Saylor expressed optimism about 'ASST get 10x bigger' and noted that Strategy was exploring more frequent dividend payments on its own preferred stock product, STRC.
