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STORY: "We've seen the price of bitcoin fall by about 15% over the last few weeks," noted Phillips, who views the digital asset as a "helpful" gauge of risk sentiment.

Phillips said bitcoin breaking below what he called a "key level" of $60,000 could trigger "some broader exit from risk assets."

He added that even when equities move higher, "if we don't see that confirmation in other types of risk assets, then we need to take a closer look and ask ourselves if that's sustainable. And right now, judging by the price of bitcoin, that tells us that this is a fragile market."