Bitcoin Rallies Above $109K But Pro Traders Exercise Caution
Bitcoin (BTC) surged above $109,000 after retesting the $105,200 support level, influenced by eurozone monetary expansion and signs of weakness in the US labor market. Despite nearing its all-time high, traders remain cautious, with Bitcoin futures premiums below the 5% neutral threshold. The eurozone's record-high M2 money supply growth of 2.7% year-over-year likely contributed to the rally. US private payrolls fell by 33,000 in June, raising recession concerns amid escalating trade tensions. Eurozone ambassadors are pushing for a tougher trade stance with the US. Bitcoin options markets show balanced risk perceptions, with a 25% delta skew at 0%. Demand for cryptocurrencies in China has declined, indicated by a 1% discount on Tether (USDT), reflecting investor caution. Recent net outflows from Bitcoin ETFs highlight broader macroeconomic uncertainties affecting market sentiment.
