- Bitcoin and Dogecoin dipped while Ethereum surged after a federal court struck down Trump’s global tariffs, easing market tensions and boosting risk assets.
- Analysts say Bitcoin could hit a new all-time high within days if it holds above the key $107,974 level.
Leading cryptocurrencies witnessed mixed price action Wednesday as Bitcoin (BTC) and Dogecoin (DOGE) dipped, while Ethereum (ETH) surged. The moves came amid a significant legal development: a federal court struck down former President Donald Trump’s sweeping global tariffs, potentially calming broader market jitters.
As of 9:30 p.m. ET, Bitcoin dropped 0.91% to $107,931.14 after briefly slipping below $107,000 earlier in the day. Dogecoin also retreated 1.12% to $0.2240. In contrast, Ethereum rallied 2.43%, soaring past the $2,700 mark to close at $2,707.97.
Also read: SEC Delays Bitwise 10 Crypto Index ETF Decision to July 2025 Amid Surging Investor Demand
The broader market reacted positively to the U.S. Court of International Trade’s decision, which invalidated tariffs imposed under the Emergency Powers Act. Analysts say the ruling could ease fears of escalating trade tensions, bolstering sentiment in risk-on assets like cryptocurrencies.
Over $232 million in crypto positions were liquidated in the past 24 hours, with long positions accounting for $165 million, according to market data. Despite the volatility, Bitcoin’s open interest rose 1.28%, while Ethereum’s climbed 4.46%, suggesting sustained trader engagement.
The Crypto Fear and Greed Index reflected growing optimism, with the “Greed” reading rising from 71 to 74. On Binance, more than 50% of traders are now betting bullishly on BTC, indicating a potential shift in momentum.
Cryptocurrency analyst Ali Martinez highlighted a bullish TD Sequential indicator flashing on Bitcoin’s hourly chart. He noted that BTC has reached the lower boundary of a key trading channel, a level that has previously acted as support.
Another prominent trader, known as “Scient,” stated that if Bitcoin holds above $107,974—the upper limit of a critical “box” pattern—new all-time highs could arrive “in a couple of days.” However, they warned that dropping below this level could trigger sell pressure, potentially dragging BTC down to $102,000.
The global crypto market cap stood at $3.43 trillion, down 0.38% on the day. Top gainers included Virtuals Protocol (VIRTUAL) up 16.25%, Uniswap (UNI) up 13.87%, and Toncoin (TON) up 12.22%.
With legal winds shifting and technical indicators aligning, the market could be gearing up for Bitcoin’s next big move—if bulls can hold the line.
