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 Monday, May 6th, and today we are talking about, well, a small

return of bullishness. Before we get into that, however, if you are enjoying the breakdown,

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Hello friends. Well, Bitcoin is back above 64,000 after a big push on Friday and the vibes are

beginning to improve. As we discussed recently, April closed as the worst month for Bitcoin since

November 2022. The price was down 16% breaking its streak of seven straight

green months. Sentiment was starting to get dire, with growing calls for a premature end to the

bull market. Now, with a 13% recovery over the last three days, we're starting to see some

cautious optimism that the drawdown could be over. The most obvious trigger was a clearing of macro

overhangs. On Wednesday, Fed

Chair Jerome Powell essentially took rate hikes off the table and suggested the central bank

was still looking for a reason to cut. Friday's payroll report came in as soft as we've seen in

several quarters. It wasn't weak enough to justify rate cuts by itself, but it validated the

Fed's focus on a weakening labor market rather than renewed inflation.

Looking at the Bitcoin chart, analysts are pointing to 60,000 as the critical support level.

Wrecked capital suggests we're now out of the post-having danger zone if this cycle is similar to 2016. That having was a sell-the-news event, with an 11% drawdown over the following

three weeks. Others warned not to take too much signal from thin weekend trading.

Don Crypto wrote, had a great push into the market close on Friday. While I am liking how

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