Bitcoin's recent performance has once again stirred the market, with its price returning to the 110,000 USD mark. This breakthrough has sparked heated discussions among investors, with many beginning to ponder: does this signify the return of a bull run?

From a macro perspective, there have indeed been some positive signals recently. First, there are signs of easing in China-U.S. relations, which to some extent alleviates market concerns. Second, the risks in the U.S. banking sector seem to be under control, and the financial system remains stable for the time being. However, the most notable aspect is the expectation that the Federal Reserve may cut interest rates. According to CME tools, the probability of a 25 basis point cut in October is as high as 98.9%. If this expectation comes true, it could lead to a depreciation of the dollar, thus driving up asset prices, including Bitcoin.

However, there are still some potential risks in the short term. For example, certain institutions are about to face substantial repayment pressure for Bitcoin, which may bring some selling pressure. At the same time, the token unlocks of certain cryptocurrency projects may also trigger market fluctuations. Therefore, investors need to remain vigilant and manage their positions appropriately.

For the current market, optimistic investors may consider gradually positioning around $97,000, while cautious investors might choose to hold a light position and wait for a lower entry opportunity.

In summary, although there may be fluctuations in the short term, in the long run, the globally accommodative monetary policy environment may continue to support the value of digital assets such as Bitcoin. The trend of a weakening dollar may drive funds towards safe-haven assets, and Bitcoin, as an emerging safe-haven option, may benefit from this trend.

However, whether bullish or bearish, maintaining rationality and controlling risks are always key to investing. Market fluctuations often bring opportunities, but they also come with risks. In this uncertain market, it is essential to keep a clear mind and have flexible strategies.