Bitcoin Nears $103,000 as Supreme Court Reviews Trump-Era Tariffs

On November 5, 2025, Bitcoin (BTC) traded near the $103,000 level as the U.S. Supreme Court heard arguments challenging the legality of sweeping tariffs implemented by former President Donald Trump. Bitcoin was recorded at $103,018, marking a modest gain of $993, or 0.97%, from its previous close, with intraday trading spanning from a low of $102,025 to a high of $104,495. Technical analysis indicated a firm resistance level near $105,000, where significant sell orders were positioned, suggesting potential downward pressure that analysts projected could test the $98,000 to $93,000 range should selling accelerate.

The concurrent legal proceeding focused on the constitutionality of tariffs imposed under the authority of the International Emergency Economic Powers Act (IEEPA) of 1977. The core of the dispute centered on whether the IEEPA provision allowing the President to “regulate … importation” during a declared national emergency implicitly includes the power to set import taxes. The administration, represented by Solicitor General D. John Sauer, contended that the language supported the authority to impose such duties.

During the nearly three-hour argument, several justices, including conservatives, expressed skepticism regarding this broad interpretation of executive authority. Chief Justice John Roberts noted the statute's omission of the word “tariff,” emphasizing that the historical power to impose taxes rests with Congress. This review marks the first time the Supreme Court has examined the merits of a signature policy from the former President’s second term, following rulings against the administration by the U.S. Court of International Trade and the U.S. Court of Appeals for the Federal Circuit.

The tariffs in question targeted nations including China, Canada, and Mexico, justified by national emergency declarations concerning fentanyl trafficking and trade deficits. The tariffs have resulted in businesses paying over $100 billion in related duties since 2025. Should the Court invalidate these tariffs, businesses could face complex refund scenarios, potentially forcing the White House to pursue alternative statutes, such as Section 122 of the Trade Act of 1974 or Section 232 of the Trade Expansion Act of 1962, which could delay trade certainty until 2026.

The broader financial markets reflected general instability, with the global cryptocurrency market capitalization at $3.38 trillion, down 1.94% over the preceding 24 hours as of November 5, 2025, according to CoinMarketCap data. Total futures liquidations reached $297.4 billion, the highest in recent weeks, coinciding with the Fear & Greed Index registering at 'Extreme Fear' at a level of 20. Despite this volatility and a brief dip below $99,000 on some platforms, some analysts maintain a long-term constructive outlook, viewing the current price as undervalued for 2026 planning.