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 from ETFs, leading to a long-term bullish structure. However, in the short term, it is important to pay attention to macroeconomic data and the Federal Reserve's policy direction. If interest rates remain high or there are expectations of rate hikes, it could suppress the performance of risk assets. Additionally, technically, if it can maintain critical support levels (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 positions and policy changes, and investors are advised to remain patient and carefully position themselves.