Rate Hikes + Stalled Legislation: Why Haven’t Multiple Bearish Factors Continued to Push Bitcoin Lower?

Caution is still warranted, as spot funds have not yet provided evidence for a "market regime change".

Author: Claude, TechFlow

The Federal Reserve raised interest rates for the first time in three years, Brent crude remained above $100, the US 10-year Treasury yield broke past 5%, and the market structure bill on which the crypto industry had pinned its hopes for a year failed to pass the Senate. By historical standards, these headlines would have been enough to send Bitcoin lower again. Yet on the Asian session of September 17, Bitcoin briefly climbed back to $76,200. Did the bad news suddenly lose its impact?

Chart: Overseas KOL Aylo listed four pressures on X—rate hikes, high oil prices, rising long-term bond yields, and the bill's failure—and interpreted the coin price's resilience as a sign of a market regime shift.

This screenshot captures the most anomalous scene in the current market.

On September 15, the US Senate's procedural vote to advance the Digital Asset Market Clarity Act ended with 49 votes in favor and 50 against, falling 11 votes short of the required 60. The following day, the Federal Reserve raised its target range for the federal funds rate by 25 basis points to 3.75%-4.00%. Bitcoin retreated to around $75,400 after the rate decision, then bounced back to $76,200 during the Asian trading session; major tokens such as Solana, BNB, and Ethereum followed suit.