Bitcoin is currently at a critical technical position where bulls and bears are contesting. In the short term, the price is facing resistance around $112,000 and has experienced a pullback, testing the important support zone of $111,900 - $112,000.

Its long-term outlook is supported by potential inflows of institutional funds and the macro monetary policy environment, but in the short term, the trend will be significantly influenced by technical indicators, market sentiment, and macroeconomic data.

Further updates will be awaited from Xiaoting.