Crypto Up After Trump’s Iran Post; Bitcoin, Hyperliquid Rise

The crypto market rose 0.65% to $2.57 trillion after President Donald Trump posted on social media on May 20 that he would ‘end that war very quickly’ with Iran. Data from Coinglass shows $184.59 million in short positions were liquidated in the past 24 hours. The market added about $16.7 billion on the day, and buyers defended the $2.50 trillion support level.

Bitcoin gained 0.61% to $77,951 and moved away from the lower boundary of a rising channel in place since March 29. The channel bottom sits at $75,962; a daily close below that level would confirm a channel breakdown. A reclaim of $80,151, the 0.236 Fibonacci level, would open targets at $82,742 and $84,837. A clean breakout would be confirmed above $86,931.

Total market-cap technicals show the next decisive level at $2.62 trillion, the 0.236 Fibonacci retracement of the recent leg. A daily close above $2.62 trillion would open a path toward $2.75 trillion and $2.81 trillion. If $2.50 trillion fails, lower supports are at $2.47 trillion and $2.38 trillion.

Hyperliquid led 24-hour gains among the top 100 tokens, rising 17.7% to $56.26. Grayscale-linked wallets bought 510,387 HYPE, worth about $24.95 million. Spot HYPE ETFs launched by two issuers drew $47.8 million in inflows during their first week. HYPE has rallied roughly 50% from a May 14 low to a recent peak, forming what technical observers describe as the pole of a possible bull-flag pattern. HYPE needs to hold $54.70 to keep that pattern intact; a drop below $49.23 would invalidate it. Upside targets cited include $63.54, $72.39 and $77.86.

Other market developments included a filing of an S-1 by SpaceX ahead of a planned June 12 Nasdaq IPO that values the company between $1.75 trillion and $2 trillion and discloses 18,712 BTC on its balance sheet, equivalent to about $1.29 billion. South Korea’s funeral services firm Bumo Sarang reported an unrealized $33 million loss after it directed roughly $40 million of customer prepayments into a 2x leveraged BitMine Ethereum ETF.

Market participants are monitoring whether the $2.50 trillion market-cap base and Bitcoin’s rising channel hold through the current rebound. A daily close above the identified Fibonacci resistance levels would open paths to higher market-cap levels; renewed selling could send indexes toward the lower supports.