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 Tuesday, February 27th, and today we are talking Bitcoin at 57K and

all of that. Before we get into that, however, if you are enjoying the breakdown, please go subscribe

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breakdown pot. Hello, friends. Well, yesterday was all about Satoshi, so it makes sense that today

is Bitcoin being a total badass. The Bitcoin bull market is firmly back in action with a breathtaking

10% intraday gain on Monday. Bitcoin topped out at 57,000 during the early evening, making a new two-year high.

The last time we saw Bitcoin hit these levels was way back in November 2021, well before any

of the catastrophes of crypto winter were even on the horizon. At these elevated price levels,

there just isn't much trading data, meaning we're headed into pure price discovery mode.

Earlier in the day, Alex

Thorne, the head of research at Galaxy Digital tweeted, with Bitcoin trading at 54.5K, only about

5% of all BTC supply has ever moved when prices were higher than now. It's mostly air up there.

Getting specific, Bitcoin has only spent 80 days above these levels throughout its history.

The last level that has any semblance of normal volume historically was 60,000. That means that basically everyone who has

ever bought and held Bitcoin is now in profit, and there's very little guidance for traders moving

forward. Bitcoin has climbed the wall of worry and we're about to see what this new cycle really looks like.

Chris Berniske from Placeholder Ventures writes,

Lots of friends telling me they're already at personal all-time highs after gutting it through the bear and through red volatility,

and though red volatility goes hand in hand with green, we're still early in this cycle. Feels good. Never forget the lessons of 22. Welcome newbies with an open mind. Bloomberg's James Safart writes, we've reached the, I don't even need to check the price of Bitcoin myself because everyone is just posting about it on Twitter level of this bull market. Trader Jibis writes,

...