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Bitcoin Rises to $109,700, Professional Traders Cautious on Price Momentum
Summary: Bitcoin briefly tested support at $105,200 on Wednesday before rising to over $109,000, nearing its all-time high. However, BTC derivative data shows traders remain cautious and not heavily bullish. Expansion of money supply in the Eurozone and weakness in the US labor market are key driving factors. The USDT discount in China reached 1%, hitting ...
Bitcoin briefly tested support at $105,200 on Wednesday before rising to over $109,000, nearing its all-time high. However, BTC derivative data shows traders remain cautious and not heavily bullish. Expansion of money supply in the Eurozone and weakness in the US labor market are key driving factors. The USDT discount in China reached 1%, hitting a new low since mid-May, reflecting investors' lack of confidence in Bitcoin's upward trend. Spot Bitcoin ETF saw a net outflow of $342 million on Tuesday, exacerbating market uncertainty amid trade tensions.
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Link: Bitcoin Rises to $109,700, Professional Traders Cautious on Price Momentum [Copy]
