Bitcoin Tops $70K as Markets Brace for Fed, Supreme Court Tariff Ruling and Key Data
Bitcoin has rebounded above $70,000, prompting broad-based gains across many cryptocurrencies (most up over 5%) and renewed short-term optimism among traders. Markets will face heightened volatility this week due to a packed calendar: U.S. markets close Feb 16 for a holiday; multiple Federal Reserve speeches (Bowman, Barr, Daly, Bostic, Kashkari, Logan) and Fed minutes; key U.S. economic releases including durable goods, industrial production, weekly jobless claims, and the core PCE inflation reading on Feb 20 (core PCE forecast 2.9%). The U.S. Supreme Court is expected to issue a pivotal tariff ruling on Feb 20 after lower courts favored cancellation, a decision that could influence global risk sentiment. Token unlocks are also scheduled (ARB release 1.82% of supply on Feb 16; ZRO release 5.98% on Feb 20), and blockchain events include Hedera DevDay and a BCH meetup in Toronto. Traders should expect elevated volatility around CME open, policy commentary, the inflation print and the Supreme Court decision; altcoins may offer short-term opportunities as Bitcoin eyes a move toward $72,000. Disclaimer: this is market reporting, not investment advice.
Bullish
Short-term bullish. Bitcoin’s breakout above $70,000 and broad market gains suggest renewed buying interest and risk-on sentiment, which typically supports higher crypto prices in the near term. Key bullish drivers this week include positive price momentum, possible further upside toward $72,000, and renewed retail/trader engagement around CME open. Offsetting risks that temper the bullish view are several volatility catalysts: major Fed speeches and minutes, the core PCE inflation print (2.9% forecast) and a consequential U.S. Supreme Court tariff ruling on Feb 20. Token unlocks (ARB 1.82%, ZRO 5.98%) can increase short-term selling pressure on those specific tokens and amplify volatility. Historically, macro surprises (stronger-than-expected inflation or hawkish Fed commentary) have triggered sharp crypto sell-offs; conversely, dovish signals or absence of negative shocks have allowed momentum rallies to continue. Therefore, traders should treat the present bias as bullish but manage risk with tighter positions, stop-losses, and position sizing ahead of the Fed events, inflation data and the Supreme Court decision.