In the second quarter of 2025, Bitcoin ($BTC) faces a complex interplay of multiple factors. Following 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 may suppress the performance of risk assets. Moreover, from a technical perspective, if it can hold the key support area (such as $60,000-$62,000), it is expected to challenge previous highs; otherwise, it will enter a consolidation range. Overall, Q2 2025 is a critical period to observe the redistribution of chips and policy changes, and investors are advised to remain patient and cautiously position themselves.