Bitcoin (BTC) saw choppy price action after Friday’s Wall Street open as markets reacted to the US Supreme Court decision on President Donald Trump’s trade tariffs.
Key points:
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The US Supreme Court rules that certain US tariffs are illegal, sparking a modest risk-asset response.
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US inflation data further cuts market hopes of a March interest-rate cut.
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Bitcoin price action stays rooted in a firm range, with consensus seeing bears “in control.”
Supreme Court ruling attacks Trump tariffs
Data from TradingView showed $67,000 forming a focus for BTC price action, while US stocks gained.
The overall risk-asset response was muted however, as the Supreme Court ruled that some tariffs remained legal. In the firing line were those implemented under the International Emergency Economic Powers Act (IEEPA).
“IEEPA does not authorize the President to impose tariffs,” the Court wrote in its 170-page ruling.
Despite this, talk quickly surfaced over triff refunds, with trading resource The Kobeissi Letter putting the potential total at $150 billion.
“Today’s Supreme Court ruling will be referenced for decades to come,” it added in a thread on X.
The event overshadowed earlier US macro data, which missed expectations. The Personal Consumption Expenditures (PCE) Index, known as the Federal Reserve’s “preferred” inflation gauge, hit its highest levels since late 2023 at 3%.
GDP data for Q4 2025, meanwhile, came in much lower than anticipated at 1.4% growth instead of 3%.
The numbers further reduced the odds of the Fed cutting interest rates at its March meeting, with data from CME Group’s FedWatch Tool now seeing a mere 4% chance of a 0.25% reduction.
On Thursday, trading resource Mosaic Asset Company expressed hope that stocks could still perform well despite the gloomy rates outlook.
“Even if the Fed goes an extended period on hold with interest rates, it’s worth remembering that financial conditions are still running much looser than average,” it summarized in an update.
“That should remain a tailwind for the bull market for now, even if the S&P 500 doesn’t reflect it. The combination of loose conditions and strong market breadth means a positive backdrop for position trading (for now).”
Bitcoin failing to escape “downwards trajectory”
Bitcoin traders continued to have few illusions about the precarious state of the market.
Related: Bitcoin ‘roadmap to bottom’ says $58.7K Binance cost basis now crucial
In his latest analysis, trader Jelle said that bears were still “in control.”
Bears remain in control – driving price lower and lower.
Don’t fight the trend, embrace it as the opportunity it presents: another chance to load up on cheaper coins.$BTC pic.twitter.com/wnhrKanAUb
— Jelle (@CryptoJelleNL) February 20, 2026
Trader and analyst Rekt Capital emphasized the importance of the 200-week exponential moving average (EMA) — along with Bitcoin risking flipping it to resistance.
“History suggests Weekly Closes below the 200-week EMA followed by bearish retests of the EMA into new resistance can spur on the next phase of Bearish Acceleration to the downside,” he wrote on Thursday.
Earlier in the week, trader and commentator Skew suggested that the local BTC price range was indicative of “developing ‘value.’”
“Clear respected market supply around $70K & Clear tested market demand around $65K. This essentially points out the obvious which is a sustained move above $70K or below $65K will lead to trending price action,” he told X followers.
“Since the trend is in a downwards trajectory currently, this makes $72K quite significant as many shorts will place stops above & also it acts as a near term invalidation if cracked.”
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