Fed raise interest rates, bitcoin price rises. Fed lowers interest rates, bitcoin price drops.

Don't get me wrong, Bitcoin is independent and is not connected to the global financial system in any way, but the recent rise is happening because more people are buying other assets and getting rid of their dollars in the process, and it's not only happening to Bitcoin but to the other illiquid assets as well. Some people said it's because of the ETF applications but that was a short-term hype.

The same happens when the reverse event occurs (i.e. interest rates are lowered), because it becomes cheaper to deal with cash again.