Let's take a look at the key factors driving the market. Last year, BTC surged due to a combination of the Federal Reserve signaling interest rate cuts, Trump supporting cryptocurrencies, and a bullish market sentiment.

However, now, while Trump is making some moves, the capital inflow is only in the tens of billions, which is limited in effect; there are no new hotspots in the market, and people's enthusiasm is low as they are all on the sidelines.

Worse still, the chances of the Federal Reserve cutting interest rates in June are basically nonexistent, with CME interest rate futures showing over a 90% probability of no cuts.

Without the stimulus of interest rate cuts, large-scale inflows of stablecoins will be difficult, and without ongoing funding to drive the market, it will be very challenging for BTC to break through its historical high and set new records.

So, while BTC looks tempting as it approaches its previous high, making a real push to the top requires waiting for capital and positive news to 'ignite' it; we shouldn't be blindly optimistic in the short term.

However, don't be too pessimistic; this is actually a form of energy accumulation adjustment — as long as we hold on, we are building momentum for the next phase.