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

The Bitcoin market experienced a notable price movement, trading near the $103,000 mark on November 5, 2025, reflecting the digital asset class's sensitivity to evolving macroeconomic policy uncertainty. On this date, the leading cryptocurrency recorded a gain of $993, or 0.97%, from the preceding close, with intraday trading ranging between a low of $102,025 and a high of $104,495. Market participants are closely monitoring the significant technical resistance level around $105,000, which is characterized by a substantial accumulation of sell orders. Analysts project that a failure to breach this resistance could lead to a potential price correction for Bitcoin, targeting the $98,000 to $93,000 range.

Concurrently with these financial market dynamics, judicial attention is focused on the U.S. Supreme Court in Washington, D.C. The Court heard oral arguments in consolidated cases testing the legality of sweeping tariffs imposed by former President Donald Trump, which were enacted using authority delegated under the International Emergency Economic Powers Act (IEEPA) of 1977. The Court’s interpretation of IEEPA’s scope carries broad implications for global trade policy, which in turn could introduce further volatility into risk assets like cryptocurrencies.

During arguments on November 5, 2025, the justices, including those from the conservative bloc, expressed clear skepticism regarding the administration’s expansive interpretation of IEEPA to unilaterally impose tariffs. The core of the judicial inquiry centered on whether the 1977 statute grants such extensive executive authority without explicit Congressional authorization, touching upon fundamental principles of the separation of powers. Chief Justice John Roberts noted that the statute does not explicitly mention the word "tariff," a power traditionally reserved for Congress, while questioning the breadth of authority claimed.

The legal challenge, brought by small businesses and states, argues that the tariffs exceed the President's legal powers, as IEEPA was not previously used by any president to justify import taxes in its history. The administration contends that the authority to "regulate... importation" within IEEPA encompasses the power to set import taxes. A ruling against the administration could potentially lead to the refund of over $100 billion in tariffs collected to date, according to some analyses, although the actual economic impact remains subject to debate given the President's authority under other trade laws.

This period of policy uncertainty is occurring while Bitcoin trades at elevated levels, despite recent market turbulence that saw the asset briefly dip below $100,000, its lowest point since June, following earlier tariff announcements in October. The Supreme Court's resolution on the scope of executive power in trade policy underscores the increasingly intertwined relationship between geopolitical stability and the valuation of digital assets, as investors factor this regulatory risk into current high prices.