Bitcoin gatherings above 109 thousand dollars, but professional traders are cautious

Main meals:

• Bitcoin is trading near an altitude at all, but derivative data shows that merchants are still cautious and not committed.

• Usdt discount in China and Spot Bitcoin ETF plowing out of investor concerns about global trade tensions.

Bitcoin (BTCIt rose above 109,000 dollars on Wednesday after re -testing the support level of 105,200 dollars earlier in the day. The assembly coincided with data showing cash expansion in the eurozone and signs of weakness in the US labor market.

Although Bitcoin trading by only 2 % less than its highest level ever, traders are still reluctant to convert the ascension, according to BTC Derivative measures. This cautious situation led some investors to question the sustainability of the assembly.

On Wednesday, the premium of the future contract, Bitcoin, remained less than a 5 % minimum. The slight increase of 4 % on Monday continued a trend starting on June 11, when another index approached the ups of upward lands, coinciding with the previous Bitcoin test of the level of $ 110,000.

Is the increase in the width of the money in the euro area behind the bitcoin gathering?

Although it is difficult to determine one catalyst for Wednesday, the width of the upper money in the eurozone (M2) in April is likely to play an important role. Data, released on Monday, showed 2.7 % on year on an annual basis, in line with The path of expansion From the American monetary base. Meanwhile, ADP data showed us that special salary statements decreased by 33,000 in June.

Some market participants argue that the wrong demand for long positions in Bitcoin reflects the increase in demand Economic recession risksEspecially amid an escalating global trade war. US President Donald Trump threatened to raise the tariff for importing Japanese goods that exceed 30 % if an agreement was not reached before the deadline on July 9.

Ambassadors in the euro area wave European Union Trade Commissioner Maroš šefčovič to adopt a more striking position during his trip to Washington this week, according to the Financial Times. According to European capitals, European capitals have called for a decrease in the current mutual tariff by 10 %, although internal differences are still ongoing over revenge.

Bitcoin options markets and poor demand Stablecoin in China

To determine whether the lack of enthusiasm in bitcoin derivatives is limited to future contracts, it is useful to check the BTC options markets. If traders expect a sharp slowdown, the Delta deviation by 25 % will increase more than 6 %, as PUT (buy) options acquire call options (purchase).

Currently, the SKEW Metric scale is 0 %, unchanged by two days, indicating that merchants see balanced risk of price movements in either direction. While this reflects the lukewarm feelings at the level of $ 109,000, it still represents an improvement in the declining position observed on June 22.

Related to: Will Bitcoin benefit from the passage of “Big Beutiful Bill” and increase the American debt ceiling?

Although the price of Bitcoin reaches the highest level in three weeks, the demand for cryptocurrencies in China has decreased sharply, said Stablecoin Premium.

Cord (USDT) The deduction for the official US dollar exchange rate in China usually indicates fear, as it reflects investors who invest from encryption markets. In contrast, the strong demand for cryptocurrencies tends to push Stablecoins over their connection. The current 1 % discount is the most severe since mid -May, indicating the lack of confidence in the recent Bitcoin gains.

Traders have become increasingly concerned about the repercussions of the ongoing tariff war, especially after Tuesday $ 342 million in net external flows Of the boxes circulating in Bitcoin exchange (ETFS). As a result, the activity subject to the derivative market reflects the total economic uncertainty.

This article is intended for general information purposes and does not aim to be and should not be considered legal or investment advice. The opinions, ideas and opinions expressed here are alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.