Welcome back to The Breakdown with me, NLW.

It's a daily podcast on Macro, Bitcoin, and the Big Picture Power Shifts remaking our world.

What's going on, guys? It is Wednesday, March 6th, and today we are catching up on price action.

Was what we have just experienced, in fact, a bullish dump? Before that, however, if you were

enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you

want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod. Hello, friends. Well, on yesterday's show,

I promised you that I'd probably end up spending today screaming about the Bitcoin all-time high

if it arrived. Although we sort of did maybe kind of get the all-time high. It was, in fact,

markets that spent yesterday screaming

for a different reason. At 10 a.m. on the East Coast, Bitcoin got a few hundred dollars above

69,000. The screams of joy shifted immediately to screams of pain as Bitcoin plummeted.

Price action reversed hard, with Bitcoin drawing down by 3.2% over the next half hour. There was a

slight reprieve at 68,000

before another brutal sell-off in the afternoon. Price bottomed just below 60,000 with one final

gigantic flush for the day. Overall, Bitcoin experienced a 14% drawdown from the highs.

Heading into the night, the price stabilized at around 64,000, and at the time of recording,

has rebounded to 67,000. To some, this rejection looked fairly

inevitable. Bitcoin has already had a wildly hot year up almost 70% so far. What's more,

during previous cycles, the path to conclusively breaking the all-time high has never been

easy. In late 2020, it took Bitcoin three weeks to finally break through the $20,000 barrier.

There were multiple reversals with Bitcoin falling back as low as $16,250 before getting to

fresh highs. Indeed, many commentators profess that they expected this outcome.

...