According to Bitfinex's latest Alpha report, Bitcoin's relative strength under macro pressure can be attributed to optimism about potential regulatory changes. President-elect Donald Trump's new term and a more favorable cryptocurrency policy outlook have boosted market confidence, providing a counterweight to the broader risk asset challenge. With Bitcoin hovering near the key support level of $90,000, the market is likely to enter a range environment characterized by a consolidation period. Changing macroeconomic backdrops such as rising Treasury yields, hawkish signals from the Federal Reserve, and outflows from ETFs suggest a challenging path ahead for risk assets. However, bitcoin's resilience compared to traditional stocks suggests it may continue to attract investor interest, mainly as regulation becomes clearer. For now, bitcoin holders face a balancing act between coping with macroeconomic headwinds and waiting for potential tailwinds from policy and sentiment changes.