Why did the price drop earlier than expected last night?

Why the sharp drop? Last night, the Federal Reserve gave the answer the market least wanted to hear: 1. Interest rates unchanged, but inflation forecasts revised upward – Powell raised the 2026 inflation forecast from 2.4% to 2.7%, citing increased inflationary pressure due to the Iran war pushing up oil prices. 2. Further delay in rate cuts – Powell stated there is a "tense relationship between objectives," wanting to curb inflation while also worrying about slowing growth, essentially telling the market: don't expect a rate cut this year. 3. Classic "sell the fact" scenario – the market had been "buying the rumor" for the past two weeks, reaching 76,000. After the results were released, the expectations were realized, and those who had positioned themselves early took profits, causing BTC to fall from 73,900 to 70,900 last night. This isn't a crash; it's a normal market correction after digesting hawkish signals. The Nasdaq closed down 1.5% yesterday, gold fell 3.1%, and global risk assets all declined. This isn't a problem with BTC; it's a change in the macroeconomic environment.