#比特币2025大会 Whether Bitcoin can break new highs again depends on three factors:

Macroeconomic policy coordination: The realization of the Federal Reserve's interest rate cut expectations and the substantial easing of Trump's tariff threats need to form a synergy.
Market confidence restoration: The stability of long-term holders' positions and the return of main funds need to be reflected simultaneously.

Geopolitical risks are manageable: Positive signals should be released during the US-EU negotiations before July 9 to avoid black swan impacts. The current market long-short ratio has dropped to a low of 0.55, indicating a phase of exhaustion for bearish forces.

If the above conditions are met, Bitcoin is expected to build momentum for an upward attack during the fluctuations; it is necessary to closely monitor the Federal Reserve's decisions in June and July, as well as the progress of the negotiations between the US and Europe, as these two major events may become key turning points that determine the market trend in the second half of the year.