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 bullish long-term structure. However, in the short term, attention must be paid to macroeconomic data and Federal Reserve policy trends. 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 maintain 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 critical period for observing the redistribution of chips and policy changes, and investors are advised to remain patient and cautiously positioned.