BTC rises to $109,700 as professional traders remain cautious about price momentum

According to ChainCatcher, citing Cointelegraph, BTC briefly tested the $105,200 support level on Wednesday before rising above $109,000, approaching its all-time high. However, BTC derivatives data shows that traders remain cautious and have not turned overwhelmingly bullish.

The expansion of the eurozone's money supply and weakness in the US labor market are key drivers of the current market trend. The discount on USDT in China has reached 1%, the lowest since mid-May, reflecting investors' lack of confidence in Bitcoin's rally. Spot Bitcoin ETFs saw a net outflow of $342 million on Tuesday, and escalating trade tensions have further increased market uncertainty.