Bank of America’s Latest Gold Survey Hints Trouble for Bitcoin; Here’s Why

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Bitcoin remains one of the best-performing assets this year, now sitting atop more than 60 percent gains. The benchmark cryptocurrency on Monday nearly hit $12,500, a level it had not touched since July 2019. The upside move came as a part of a broader bullish rally that began in March 2020. Back then, BTC/USD had fallen to as low as $3,858 against a more robust demand for the US dollar. But at its yearly top, the pair was up 223 percent from its March nadir. Bitcoin chart on TradingView.com shows BTCUSD correcting lower after testing the $12,000-12,500 range All the catalysts seem to point Bitcoin at further higher levels. They include the Federal Reserve’s open-ended monetary easing policy, massive government spending, a weaker US dollar, and growing concerns that it might all lead to higher inflation soon. Holger Zschäpitz, a journalist associated with Berlin-based Welt, highlighted the same in his…

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