Bitcoin Briefly Reaches $112,000 on CPI Softer-Than-Expected Results

Bitcoin surged past the $112,000 mark on Friday following weaker-than-anticipated U.S. inflation data that fueled a broader risk rally and pushed the S&P 500 to new all-time highs. However, gains were short-lived as liquidity dried up at market open, pushing prices back down towards $111,000. Bitcoin now faces resistance around $112,000 while its long-term support remains crucial at the 21-day and 55-day moving averages.