The Fed hiked rates, but Bitcoin didn’t exactly follow the script. BTC briefly dropped below $75K around the decision, then bounced back toward $80K within 48 hours. What caught my attention is that the market seems to be focusing less on the rate hike itself and more on what’s happening with liquidity underneath. The Fed is still tightening the price of money, but its balance sheet and reserve levels tell a more complicated story. Treasury purchases and reserve management can provide support without necessarily meaning we’re back to full-blown QE. That distinction matters. Personally, I’m not ready to call this a new liquidity wave just because BTC bounced. ETF flows still need to show more consistency, especially after recent outflows. For me, $81K is the level to watch next. If BTC can hold above it with real spot demand, the recovery starts to look more convincing. The big question isn’t whether the Fed is easing or tightening. It’s whether liquidity is actually finding its way back into Bitcoin.