Recently, Bitcoin price rebounded to 111.2k, but market sentiment remains fearful, indicating that institutions are quietly accumulating positions. The Fed's repeated interest rate cut expectations have a significant impact on Bitcoin's trend, and a weaker US dollar will increase liquidity, benefiting risk assets. On-chain data shows large players buying in, while retail investors are on the sidelines. The supply pressure brought by the halving will become apparent in H2 2025. It is recommended that investors adopt strategies such as dollar-cost averaging, technical analysis, and asset allocation, and remain rational in the face of short-term fluctuations.