Bond Yields Nearing Zero Offer Support to Bitcoin

While some analysts now point out that bitcoin (BTC) is looking somewhat weak from a charting standpoint, others are painting a bullish picture for bitcoin, with lower bond yields and a weak stock market, leading investors to look for alternatives outside of the financial system.

Among the many analysts who point to the current economic backdrop to build a bullish case for bitcoin is Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence. Writing on Twitter on Monday, McGlone said that bond yields that are headed “toward zero,” combined with a volatile stock market and rising national debt levels are improving the “fundamental and technical underpinnings” for both gold and bitcoin, and that this is even more so the case now compared to before the COVID-19 outbreak.