The bounce in risk assets is coming undone, including in bitcoin.

Crypto has been a leading indicator of sentiment recently and the fall to a session low at $29,111 isn’t a great sign. In the big picture, it’s still within the recent $28,500 to $31,394 range but I’ll be watching $28,800.

That was the low back in June 2021 and another break below it could target the spike low of $25,390 hit last week. What’s troubling is the lack of a strong bounce above $28,800 since it was taken out.