Bitcoin (BTC) recently surged to $97,930 due to heightened institutional investor demand, yet futures pricing indicates traders are cautious about a prolonged rally. Concerns about macroeconomic risks and global trade tensions limit bullish sentiment, despite substantial inflows of $3.6 billion into Bitcoin spot exchange-traded funds (ETFs). Bitcoin's options market shows a leaning towards bullish sentiment, but traders are using low leverage, suggesting tempered optimism. Prices rose following a breakout from a narrow trading range, but sentiment analysis remains neutral with traders wary of an impending economic recession. Additionally, gold's recent 20% surge might be diverting investor attention from Bitcoin, as its market capitalization is dwarfed by gold’s $21.7 trillion valuation. The ongoing US-China trade war continues to affect Bitcoin's performance, as it appears to track the S&P 500. While moderate optimism exists among Bitcoin derivatives, the outlook remains cautious, with traders hesitant to leverage entering positions despite a favorable environment for possible surprises in price movements.

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