Bitcoin's Price Moves Across the Fed's 11 Rate Hikes (March 2022–July 2023)

From March 2022 through July 2023, the Federal Reserve delivered 11 rate hikes that lifted policy rates from near zero to 5.25–5.50%. Over that span, Bitcoin's biggest drawdowns tended to coincide with sudden shifts in rate expectations—not merely the hike days themselves—while early 2023 saw a 21% rally even as two 25 bps increases went through.