BTC rose to $109,700, and professional traders are cautious about the price momentum

ChainCatcher news, according to Cointelegraph, BTC briefly tested the support at $105,200 on Wednesday before rising to over $109,000, close to its all-time high. However, BTC derivatives data shows that traders remain cautious and have not taken large bullish positions.

The expansion of money supply in the Eurozone and the weakness in the U.S. labor market are significant driving factors for the market. The discount on Chinese USDT reached 1%, marking a new low since mid-May, reflecting investors' lack of confidence in the Bitcoin rally. Spot Bitcoin ETFs saw a net outflow of $342 million on Tuesday, and escalating trade tensions have increased market uncertainty.