The U.S. Court of Appeals for the Federal Circuit, at the request of the Trump administration, has temporarily suspended the lower court's ruling, meaning that Trump's tariff policy can continue to be implemented during the appeal. Although the lower court found these tariffs to be illegal, they must still be enforced until the appeal is concluded. The court has ordered the plaintiffs to submit a response by June 5, and the government to reply by June 9. The Trump team is also actively litigating and even considering new strategies to maintain the tariffs. However, this lawsuit at least made Trump realize that even a president cannot act without limits, which may ease the tariff issue.

After suffering setbacks in court, Trump changed his previous hardline stance and immediately arranged a meeting with Federal Reserve Chairman Powell. Although they did not reach an agreement on interest rate cuts after their conversation, each expressed their own views—one emphasizing inflation and employment, while the other complained about the slow pace of rate cuts. However, the fact that they could sit down and talk is already a sign of easing tensions. Trump is now in urgent need of favorable monetary policy to stabilize the situation, and meeting with Powell privately is intended to push for interest rate cuts from the Federal Reserve to support the economy.
From on-chain data, the number of addresses holding Bitcoin for over a year is slowly declining. Although it cannot be guaranteed that prices will rise, historical data indicates that the current price range is relatively stable. As long as Trump does not stir things up again, market focus may shift back to monetary policy.
Despite Bitcoin's poor performance in the last two days, the Bitcoin reserves on exchanges remain stable, showing no signs of panic selling, which indicates that market sentiment is still okay. The Fear and Greed Index is still around 60.
From the support level perspective, although the Bitcoin price has retraced, the turnover rate has decreased and there is no obvious panic. The short-term support level is at 105,000 USD, and the support levels between 93,000 and 98,000 USD remain very stable.
Currently, the main trading is of short-term loss positions, while long-term holders are still observing, and everyone is waiting for macro signals.
Looking at the stablecoin data, on-exchange funds increased by 100 million, totaling $249.6 billion. The market capitalization of USDT rose to 153.02 billion, with a slight increase in trading volume, indicating that the inflow and activity of funds in the Asian and European markets are not bad. USDC's market capitalization decreased by 152 million, but the trading volume skyrocketed by 15.778 billion, indicating that there are signs of net outflow of funds in the United States. In addition, it should be noted that the GDP of the beautiful country in the first quarter was slightly revised from -0.3% to -0.2%, and the PCE price index was revised downward to 3.4%, indicating that the economy is not so bad and prices are still controllable. Next, we can pay attention to the release of the April core PCE data tonight, although the market expectation will have little impact, but if the data exceeds expectations, it may boost market sentiment in the short term.
Overall, Bitcoin's current weak performance is largely related to the policy uncertainty in the United States. However, market sentiment remains relatively stable, and the long-term support levels are quite solid. As long as the macro environment does not complicate matters further, Bitcoin is expected to get back on track. What investors need to do now is to be patient, closely monitor policy changes and economic data, and wait for the market to provide clear signals.