Bitcoin is no longer reacting only to Jerome Powell or one Fed meeting.
Right now, the market is watching a bigger mix of signals: oil prices, inflation, tech earnings, ETF flows, and the next move from the Federal Reserve.
The latest Fed decision did not bring a surprise. Interest rates were kept unchanged, which is what most traders expected. But the bigger issue was not the decision itself. It was the tone behind it.
Powell did not give the market a strong signal that rate cuts are coming soon. The Fed still believes inflation is not fully under control. It also sees geopolitical risks, especially from the Middle East, as something that could make inflation worse again.
So even though the Fed did nothing, the message was not exactly bullish for risk assets.
For Bitcoin, this matters because crypto still depends heavily on liquidity expectations. When traders believe rate cuts are coming, Bitcoin usually gets more support. But when that confidence weakens, Bitcoin has to work harder to move higher.
Sometimes, no change in rates can still move the market.
This meeting was a good example. The rate pause was already
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