BITCOIN JUST DID THE THING AGAIN

Powell held rates at 3.5-3.75%. Expected.
Bitcoin dropped from $74K to $71.6K within hours. Also expected.
This is the eighth time in nine Fed meetings that Bitcoin sold off after the announcement.
Here's what actually matters from Powell's speech:
The Fed still projects one rate cut in 2026. Same as December.
Inflation outlook raised to 2.7% from 2.5% because of oil prices.
Powell called Middle East impacts on the economy "uncertain" and said it's "too soon to know the scope and duration."
Translation: The Fed is stuck.
Oil above $100 means inflation stays elevated. But slowing growth means they can't tighten. They're trapped between stagflation and doing nothing.
The macro setup is brutal for risk assets right now.
Futures markets are pricing zero chance of a rate cut until December.
Real yields are rising.
The dollar is strengthening. Every condition that historically crushes Bitcoin is lining up.
The bull case hinges on one thing: Powell treating the oil spike as temporary.
If he does, markets rally. If he doesn't, liquidity tightens and Bitcoin breaks support at $70K.
Key levels: $70K is the floor bulls need to hold. Below that, $67K is next. Above $76K, a relief rally to $80K opens up.
ETF flows over the next 48 hours tell the real story. If institutions pull more than $300M in a single session, they're reducing risk. If inflows hold, the dip gets bought.
Bitcoin volatility just hit 1%, the lowest in two months. That never lasts. Powell's speech is the spark.
The divergence nobody is talking about: Bitcoin is rallying while the S&P 500 gets rejected at resistance. These two almost never move in opposite directions.
One of them is wrong.