Why doesn't BTC fall after the rate hike and instead rises?

Before the rate hike (9/15–9/16): bearish news is released in advance, breaking down below support                                                                   
                                                                                                                
  - 8/21 onwards BTC has been ranging in the 77,100–81,300 band for 24 days; on 9/15 (Tuesday) it closed at 75,702, down 3.2%, breaking below the bottom of the range.             
  - 9/16 fell to about 76,000, while also breaking below the "true market average" of 76,700; the backdrop is that rate-hike expectations have heated up (the market is pricing in a 25bp hike with a 92% probability), CLARITY 
    The bill was rejected by the Senate, and U.S. spot Bitcoin ETFs saw a net outflow of $450 million in a single day (cumulative outflow of $334 million from 9/8–9/14).                         
                                                                                                                
  - In other words: the main declines happened before the rate hike was actually implemented, with the bad news priced in ahead of time.                                                            
                                                                                                                
  The rate hike was implemented (early 2:00 a.m. on 9/17): 25bp, the first time in three years                                                                  
 
  - The Fed raised rates by 25bp to 3.75%–4.00%. The dot plot suggests another hike within 2026 (hawkish).                                  
  - After the decision, BTC briefly dipped below 76,000, but quickly rebounded and stabilized around 76,500; U.S. stocks also rebounded (S&P +0.9%, NASDAQ         
  +1.5%).                                                                                                   
                                                                                                                
  - Jiangsuoer’s pre-decision before the resolution—"down first then up, or probe to 84,000"—basically proved correct.                                                     
                                                                                                                
  After the rate hike (9/18–9/23): stabilization → breakout → acceleration                                                                       
                                                                                                                
  - 9/18: Glassnode said BTC has returned above the true market average price, and a bullish signal has reappeared; resistance overhead is 80,000 (treasury cost) and 85,000 (ETF  
    cost basis).                                                                                                
                                                                                                                
  - 9/20: CoinDesk’s headline summed it up directly—"Fed rate hike and bill setbacks; Bitcoin ignores the bearish news and stabilizes despite the headwinds," holding the 75,000 level.             
  - 9/21: Broke through 82,000 (resistance since August), triggering a $750 million short liquidation; price briefly touched 86,000; open futures contracts +20   
    hundred million dollars.                                                                                                    
                                                                                                                
  - 9/22–9/23: Held above the strong support at 84,569. On Monday (9/21), it recorded a 33-week high of 87,350; from the 7/1 low of 57,749, it has risen more than 50%; over  
    Over the past 72 hours, ETF net inflows exceeded $1.6 billion; CoinShares’ weekly report said BTC was +5.2% that week, outperforming the blockchain stocks index.                   
                                                                                                                
  One-sentence summary                                                                                                    
                                                                                                                
  - Before rate hike: 75,700–76,000 (range break; down 3%+); At the moment the hike was implemented: brief dip below 76,000; Within 5 days after the hike: 76,500 →      
    87,350, about +15%. A typical "bad news exhausted, then down first then up" pattern—this uptrend is driven by both ETF net inflows and a short squeeze.                      
                                                                                                                
  Note: The above price levels come from in-house news briefings (as relayed by Cointelegraph/CoinDesk/PANews, etc.); they are the prices at the time of reporting, not minute-by-minute quotes. After the rate hike,  
  the rise was accompanied by a $750 million short liquidation and rapid leverage build-up; if spot/ETF buying fails to keep up, the risk of a pullback is increasing as well.  