Even with BTC 10-week high... Investor sentiment remains 'Cautious'

Bitcoin reached its highest price in 10 weeks, but analysts noted that investors' sentiment has still not clearly turned into optimism. Cointelegraph stated in a recent report that "BTC annual two-month futures premium remained at the level of 6-7% last week," noting "this corresponds to a typical neutral range (5-10%), and is far from the bullish period that exceeded 10% in January this year."

The media cited two reasons for this decline in investor sentiment. First, the tariff conflict between the United States and China has resurfaced, spreading concerns about a recession. Second, Bitcoin is maintaining a strong correlation with the stock market, weakening the narrative of "digital gold" as an independent asset.

In relation to this, the report diagnosed that "even derivatives traders who expect a bull market are currently reluctant to use aggressive leverage," and the market is maintaining a wait-and-see attitude without confidence in directionality. For Bitcoin to continue its trend after a short-term peak, it seems that the resolution of macro uncertainties and new momentum will be needed.