Using a sharp bread knife, cut the bread into about 1 inch slices from side to side going into both directions, repeating until entire loaf is cut. Do not cut through the bottom crust. It should look something like an onion mum.
Mix together cream cheese, jalapeno pepper juice and garlic powder. Spread cream cheese mixture inbetween cuts. Sprinkle diced jalapeno peppers and bacon bits on bread, making sure to lodge most inbetween cuts. Top bread with cheese, again, stuffing in between cuts.
Wrap in foil the entire loaf and place on a baking sheet. Bake for 15 minutes; unwraping foil packet enough to expose the bread. Bake for an additional 10 minutes or until cheese is melted.