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 inflows of ETF funds, leading to a long-term bullish structure. However, in the short term, attention should be paid to macroeconomic data and Federal Reserve policy trends. If interest rates remain high or there is an expectation of rate hikes, it could suppress the performance of risk assets. Additionally, from a technical standpoint, if it can hold the key support area (such as $60,000-$62,000), it may challenge previous highs; otherwise, it will enter a consolidation range. Overall, Q2 2025 is a critical period to observe the redistribution of positions and policy changes, and investors are advised to maintain patience and cautious positioning.