Bitcoin trades near $68K as Supreme Court blocks Trump tariffs
BTC trades near $68K as court blocks Trump tariffs, with ETF redemptions and muted demand keeping price range-bound.
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Bitcoin is still trapped. Trading near $68K on Friday, BTC has moved in a tight $65K–$71K range for weeks with no fresh catalyst to force a breakout. Volatility has faded, derivatives positioning has cooled, and liquidity remains thin. Traders are stuck waiting, but that calm may not last.
The Supreme Court handed markets a short-term boost Friday by ruling that President Donald Trump violated federal law in imposing sweeping global tariffs. Equities ticked higher on the news, but Bitcoin barely reacted. Meanwhile, onchain data suggests structural pressure remains, with ETF outflows continuing and liquidity conditions far from expansionary.
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Data powered by CoinGecko.
BTC holds $68K after court strikes down Trump tariff order
Bitcoin is trading near $68K, extending its sideways grind that began after reclaiming $65K earlier this month. Since then, BTC has failed to produce a decisive move, keeping both bulls and bears in neutral mode.
That neutrality, however, may not last. The Supreme Court ruling against Trump’s tariffs injected fresh macro uncertainty into markets, briefly lifting equities as the S&P 500 rose 0.6% and the Nasdaq gained 0.8%. While the decision eased short-term trade pressure, it also raises the possibility of policy retaliation or renewed volatility. Bitcoin showed little follow-through and dipped before stabilizing, suggesting traders are cautious. ETH trades near $1,950, SOL around $83, and XRP near $1.41 as majors remain range-bound.
Bitcoin below key onchain threshold as ETF outflows weigh
Glassnode says Bitcoin has decisively broken below its “True Market Mean” near $79K, a key structural valuation line. The next major anchor is the Realized Price around $54.9K, which has historically framed prolonged consolidation phases.
U.S. spot ETF flows have rotated back into sustained outflows, removing a key source of marginal demand. Spot cumulative volume delta has turned negative, signaling active sell pressure rather than passive liquidity gaps. Large holder accumulation has cooled, with Glassnode’s Accumulation Trend Score near neutral.
Derivatives data shows panic has cooled, but optimism has not returned. Funding rates have normalized and implied volatility has retreated, yet traders are not rebuilding upside exposure. Analysts say liquidity, not technical levels alone, will determine the next durable move. Some see potential support in the $55K–$58K range if ETF inflows fail to return. Others note early stabilization signals, such as divergence between implied and realized volatility. The tone remains cautious: downside risks may be limited, but upside momentum lacks fuel.
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