Bitcoin spikes to $112K on soft US CPI data as S&P 500 hits record high
Cointelegraph
Bitcoin briefly hit $112K following lower-than-expected US CPI data, which boosted stocks to record highs amid rate-cut optimism.Summary
Bitcoin experienced volatility on Friday as the release of cooler-than-expected US Consumer Price Index (CPI) data fueled optimism for risk assets and pushed the S&P 500 to new record highs. Both headline and core CPI prints were 0.1% below expectations, leading markets to anticipate further Federal Reserve interest-rate cuts, possibly as soon as the next meeting. While stocks surged, Bitcoin price action saw gains up to $112,000 before reversing at the Wall Street open, struggling to maintain momentum due to sell-side pressure and thin support levels below the spot price. Analysts noted that BTC needed to reclaim key Exponential Moving Averages (EMAs) as support following the brief spike.
(Source：Cointelegraph)