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When the FED expands liquidity, Bitcoin rises.
When the FED shrinks its balance sheet, Bitcoin is suppressed.
The red areas on the chart indicate periods of liquidity withdrawal.
Today, although the FED keeps interest rates high, the tightening on the balance sheet is not as aggressive as before.
Moreover, liquidity is now flowing into the system not only through the dollar but also via stablecoin structures.
Bitcoin eventually prices in liquidity sooner or later.
Is the FED tightening now or in easing mode?
We are in easing mode, yes.
The green areas will continue to grow.
Even if Bitcoin drops, it will quickly recover and follow suit.