According to the latest Alpha report from Bitfinex, Bitcoin's relative strength under macroeconomic pressure can be attributed to an optimistic attitude towards potential regulatory changes. The prospect of a new term for President-elect Donald Trump and a more favorable cryptocurrency policy have boosted market confidence, providing a counterbalance to the broader challenge of risk assets. As Bit remains around the critical support level of $90,000, the market may enter a range-bound environment characterized by consolidation. The changing macroeconomic backdrop, including rising government bond yields, hawkish Federal Reserve signals, and outflows from ETF funds, suggests a challenging path ahead for risk assets. However, Bit's resilience compared to traditional stocks suggests it may continue to attract investor interest, primarily as regulatory clarity emerges. Currently, Bit holders face a balancing act, navigating macroeconomic headwinds while awaiting potential tailwinds from policy and sentiment shifts.