Bitcoin Rises to $109,700, Professional Traders Cautious on Price Momentum

News: Bitcoin briefly tested the $105,200 support on Wednesday before rising to over $109,000, approaching its historical high. However, BTC derivatives data indicates that traders remain cautious and have not shown massive bullish sentiment. The expansion of the Eurozone money supply and the weakness of the U.S. labor market are important driving factors for the market movement. The USDT discount in China has reached 1%, creating a new low since mid-May, reflecting investors' lack of confidence in Bitcoin's rally. Spot Bitcoin ETF experienced a net outflow of $342 million on Tuesday, and escalating trade tensions have increased market uncertainty. (Cointelegraph)