In the second quarter of 2025, Bitcoin ($BTC) faces a complex interplay of multiple factors. After the halving in April, market supply pressure has decreased, and with continuous inflows of ETF funds, the long-term structure is bullish. However, in the short term, macroeconomic data and Federal Reserve policy trends need to be monitored. 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 it can hold key support areas (such as $60,000-$62,000), it is likely to challenge previous highs; otherwise, it will enter a consolidation range. Overall, Q2 2025 is a key period to observe the redistribution of chips and policy changes. It is recommended that investors remain patient and cautiously position themselves.