Bitcoin experienced a sharp, short-lived rally on Friday after the US Supreme Court struck down key elements of former President Donald Trump’s global tariff initiatives. In the immediate aftermath of the court’s decision, the cryptocurrency surged to $68,200, only to retreat back to around $67,100 within minutes. This swift climb and subsequent pullback illustrated just how quickly major macroeconomic headlines can spark transient but powerful moves across the cryptocurrency markets.
Supreme Court Intervenes in US Trade Policies
In a six-to-three ruling, the Supreme Court determined that the Trump administration had overstepped its authority by using the International Emergency Economic Powers Act (IEEPA) to impose sweeping tariffs. Consequently, the court invalidated the 10% “Independence Day” tariff and a range of country-specific reciprocal duties established under this framework.
However, some tariffs, such as those applied to steel and aluminum imports under Section 232, remain in effect. Legal experts note that more than $175 billion collected through these tariffs could, in theory, become subject to reimbursement. The ruling throws global trade policy into a state of greater uncertainty and has injected new volatility into risk asset markets.
New Trade Agreements with Indonesia and India
Just hours before the Supreme Court announcement, the US signed a fresh bilateral trade deal with Indonesia. Under this pact, the US agreed to reduce import tariffs on Indonesian goods from 32% to 19%. In return, Indonesia pledged to eliminate tariffs on 99% of incoming American products.
Around the same time, India’s Commerce Minister signaled that a provisional agreement with the US is on the horizon for March. According to the proposed terms, the US will lower tariffs on Indian goods from 25% to 18%, while India has committed to purchasing $500 billion in American goods—including energy and aircraft—over the next five years. These developments mark a broader strategic recalibration of US trade policy.
Bitcoin Sees Volatile, News-Driven Price Action
Following these announcements, Bitcoin climbed swiftly in tandem with other risk assets, posting a roughly 2% gain to re-test the $68,000 mark. Yet the rally proved fleeting; within minutes, prices slipped back below $67,000. This pattern highlights the cautious stance traders have adopted in response to macroeconomic shocks in recent weeks.
As volatility spiked, trading volumes on Bitcoin increased. Still, the cryptocurrency’s inability to hold above $68,000 underlines that level as a key short-term resistance. On the downside, the $66,000–$66,200 range is emerging as an important near-term support zone.
Macro Developments Continue to Shape Crypto Trends
In the bigger picture, the US net trade deficit is expected to hit record levels in 2025, even as the gap with China narrows to a twenty-year low. Lawmakers, meanwhile, are debating rare exceptions for semiconductors and tariffs on Canadian imports, reflecting heightened political tension around America’s trade agenda. For Bitcoin, the latest events have driven short-term price fluctuations rather than establishing new long-term trends.
Bitcoin’s struggle to maintain momentum above $68,000—or to break below the $66,000 support—underscores the market’s sensitivity to headline risk, where quick but temporary swings continue to dominate trading patterns.
