Bitcoin's bounce just got killed by the broader market selloff. U.S. equities are tanking, gold's pumping hard, and it's pretty clear macro risk is back on the menu. Been watching this play out all week and it's not just crypto feeling the pressure.

The thing is, when credit spreads options start pricing in more volatility and investors start hedging everything, that's usually when Bitcoin loses its momentum. You're seeing institutional players shift positioning - they're not confident about the near-term setup anymore. Gold's outperforming, bonds are moving, and that's the opposite energy crypto needs to rally.

Looks like we're in one of those periods where macro risk is overriding any positive crypto narrative. Until we see some stability in equities and credit conditions settle, don't expect Bitcoin to break out. The macro backdrop is just too messy right now.