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, June 11th, And today, well, we are looking at a bunch of different things. We've got a Senate sanctions bill. We've got some pre-FOMC price action. But of course, before we get into all of that, 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.

Hello friends, let's start with a little bit of price action. Bitcoin price continued to

slide overnight falling back below $67,000. Technical analysis were ringing their hands over the loss

of the $69,000 support level. Keith Allen, the co-founder of

Material Indicators, said, sure, we have some bid support in here, but not a heavy, heavy

concentration of it. And really, it's not even heavy down to $60,000, if I can be completely

honest. Beyond the Fed meeting, this week features a confluence of major macro data. CPI inflation

and labor earnings reports will be released on Wednesday morning ahead of the FOMC press conference. Producer prices will be published on Thursday. CPI data is expected to show a

slight cooldown in headline inflation, but core inflation is forecast to remain sticky and above

target. More experienced traders pointed out that de-risking is typical heading into the

FOMC meeting. Gumshu wrote, this is a scam dump. There have been four FOMCs

in 2024. Every single one of them had the same scam dump. Bitcoin dumped 10% in the 48 hours before all

of them. On FOMC day, it recovered the entire move. The market always prices in overly bearish sentiments,

then reverses. CoinMamba added, dump before the FOMC, pump after. That's how it works. Jelly gave out a dose of opium tweeting,

Powell's press conferences have been good for the market recently. In fact, the past four

FOMC events have all coincided with local bottoms and 20% rallies for Bitcoin. With the next

presser taking place on Thursday, a bounce could be closer than most people think. While the pattern

is pretty clear, we haven't seen an FOMC meeting so far this year with such a wide range of potential outcomes.

Last week, the Bank of Canada and the ECB delivered their first rate cuts,

which could influence the Fed to give a more solid indication of when they plan on joining in the cutting cycle.

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