In 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, 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 could suppress the performance of risk assets. Additionally, from a technical perspective, if it can hold key support areas (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 chips and policy changes, and it is recommended that investors remain patient and cautiously position themselves.