Bitcoin recently hit a new record high of nearly $97,930, breaking out of its tight trading range. This surge was fueled by significant institutional investment, including almost $4 billion in ETF inflows. Despite this optimistic trend, short-term traders remain cautious. Coinglass data shows Bitcoin’s futures premium is currently neutral, hovering between 6% and 7%. This indicates less confidence in a near-term price jump beyond the $100,000 mark. 25% delta skew on options suggests more optimistic predictions from traders, however, low leverage use indicates they’re remaining cautious. Macroeconomic factors and global tensions are viewed as major limitations to bullish sentiment. The market currently displays a steady but not euphoric price push.