Entering the second quarter of 2025, Bitcoin ($BTC) faces a pattern interwoven with multiple factors. After the April halving, market supply pressure has decreased, coupled with continued inflows from ETFs, creating a bullish long-term 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 are expectations of rate hikes, it may suppress the performance of risk assets. Furthermore, from a technical perspective, if it can hold the key support zone (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.