In the second quarter of 2025, Bitcoin ($BTC) is facing a complex interplay of multiple factors. After the halving in April, market supply pressure has decreased, coupled with continuous inflow of ETF funds, leading to a bullish long-term 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, technically, if it can hold key support areas (such as $60,000-$62,000), it is expected to challenge the previous highs; otherwise, it will enter a consolidation range. Overall, Q2 2025 is a crucial period for observing the redistribution of chips and policy changes, and investors are advised to remain patient and cautious in their allocations.