July 26, 2026·Sawyer·IQ Market Memo·Issue 08Operator
Bitcoin got its one-month high, then the macro tailwind it needed turned back into a headwind
Last week I said Bitcoin got the cleanest good news of the year — soft June CPI, a July hike nearly priced out — and couldn't hold the bid, which I read as a demand problem rather than a news problem. I left three things to watch: whether the ETF streak made three weeks, what the dollar and the Jul 29 FOMC did, and whether alts or the crowd broke their range. All three resolved this week, and two of them resolved against the improving-backdrop story. The rate relief that led Issue 07 didn't just fail to broaden. Part of it reversed.
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