Bitcoin posted a quick burst higher after a 6-3 US Supreme Court ruling on tariffs, rising roughly 2% alongside other risk assets and briefly revisiting the $68,000 level. The move did not last. Within minutes, BTC slipped back below $67,000, showing how tightly crypto trading remains tied to headline-driven macro shocks.
Court blocks tariff measures tied to IEEPA
The court said the Trump administration had gone beyond its authority by using the International Emergency Economic Powers Act, or IEEPA, to impose sweeping tariffs. That decision invalidated the 10% “Independence Day” tariff and a set of country-specific reciprocal duties created under the same framework. Tariffs on steel and aluminum imports imposed under Section 232 were left untouched.
Legal experts noted that more than $175 billion collected through those tariffs could theoretically become subject to reimbursement. Rather than settling trade policy, the ruling added another layer of uncertainty, and markets reacted fast.
Indonesia deal and India talks added to the market reaction
Just hours before the ruling, the US signed a new bilateral trade agreement with Indonesia. Under that deal, US import tariffs on Indonesian goods were cut from 32% to 19%, while Indonesia agreed to remove tariffs on 99% of incoming American products.
At about the same time, India’s commerce minister signaled that a provisional US-India agreement could arrive in March. Based on the proposed terms, US tariffs on Indian goods would fall from 25% to 18%. India, in turn, would buy $500 billion in American goods over the next five years, including energy and aircraft. Taken together, the announcements pointed to a broader reset in US trade policy.
$68,000 stays as resistance while support forms lower
Trading volume in Bitcoin increased as volatility picked up, yet BTC failed to hold above $68,000. That leaves the level in place as a key short-term resistance area. On the downside, the $66,000 to $66,200 zone is emerging as an important near-term support range.
The article also noted a wider macro backdrop. The US net trade deficit is expected to reach record levels in 2025, even as the trade gap with China narrows to a 20-year low. Lawmakers are still debating semiconductor exceptions and tariff policy tied to Canadian imports. For Bitcoin, these developments have so far produced fast price swings, not a durable long-term directional shift.