Entering the second quarter of 2025, Bitcoin ($BTC) faces a complex interplay of multiple factors. After the halving in April, market supply pressure has decreased, coupled with continuous inflow of ETF funds, resulting in a long-term bullish structure. However, in the short term, attention should be paid to macroeconomic data and the Federal Reserve's policy direction. If interest rates remain high or there are expectations of rate hikes, it could suppress the performance of risk assets. Additionally, from a technical perspective, if key support areas (such as $60,000-$62,000) can be maintained, there is a chance to challenge previous highs; otherwise, it will enter a consolidation range. Overall, Q2 2025 is a critical period to observe the redistribution of tokens and policy changes, and it is recommended that investors remain patient and cautiously position themselves.