Just noticed Bitcoin testing support around $66.5K after that rough pullback from $74K. The move makes sense when you look at what's happening in the broader market - weak jobs data, oil spiking due to Middle East tensions, and everyone suddenly rushing into gold. It's the classic risk-off setup.

What's got traders spooked though isn't just the macro data. There's real stress showing up in private credit markets. BlackRock and Blackstone both seeing heavy redemption requests is usually a sign retail is getting nervous about the bigger picture. Lyn Alden and other analysts have been pointing out that Bitcoin's supposed uncorrelated status kind of fell apart when everything sold off together.

The real question is whether this holds at $65K or if we're looking at more downside. With Fed rate cuts looking unlikely and shipping routes getting disrupted, the macro visibility is pretty murky right now. Could be a short-term washout, or could signal something more structural. Either way, this is the kind of environment where you want to be careful about leverage.