What is really important for bitcoin price to rise is M2 liquidity (blue color), we have had bull runs like 2017 where dollar liquidity (orange color) did not increase.
That said, I also expect that starting in September the liquidity of the dollar system will start to grow.
Why this happens (That has more importance the global m2 liquidity than the liquidity of the dollar system for the price of bitcon, being the dollar the world reserve currency) is something I do not know, the formula I use to measure the liquidity of the dollar is:
WALCL - (WDTGAL +RRPONTSYD)
Where:
WALCL = Total assets held by the Federal Reserve.
WDTGAL = general account of the U.S. Treasury
RPONTSYD: Overnight reverse repurchase agreements, which are Treasury securities sold by the Fed in temporary open market operations.
quoting
note15x0…rusm
note1y0c…r0zl