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, May 21st, and today we are waiting for a new Bitcoin

all-time high. Before we get into that, however, if you are 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. Well, friends, we are teetering on the precipice of a new all-time high.

Although, good Lord, it's always scary to say that one.

I know that there's some amount of time between when I record this and when you hear it.

But regardless of all that, the question is, is there a catalyst to push Bitcoin

to the next level?

Bitcoin saw its highest ever closed yesterday at 106,800. Overnight price action reached

108, where within inches of a new all-time high, but momentum appears to be stalling out,

and sentiment is completely divided in two directions. Future's open interest has surged to record highs

as traders lever up. Currently, there's extreme positioning to both the upside and the

downside, almost guaranteeing a liquidation cascade on any price move. Barish shorts will be forced out

if Bitcoin crosses 108,000, while the longs will be liquidated below 106,000. And yet we wait,

with Bitcoin stuck between those two marks to begin the day. Looking beyond the one-minute chart,

investment firm Swiss block believes a new all-time high is all but guaranteed, tweeting,

a lot of noise about a potential double-top as Bitcoin struggles to break all-time highs.

They see no signs of bearish divergence and claim that on-chain strength is still intact,

adding, bears, not this time, got to wait. Network economist Timothy Peterson tweeted, Bitcoin has pulled

...