- Bitcoin climbed 1.5% to trade above $115,000, showing signs of renewed momentum.
- Bitcoin must remain over $115,000 to support its recovery, facing resistance from $116,000 to $121,000.
- Derivatives markets now influence price trends due to weak spot demand and lower ETF inflows.
- Options open interest hit $54.6 billion, a record high, with investors showing a preference for call options over puts.
- A break above $116,400 could ignite a rally toward $120,000, while heavy buying support is seen around $114,700 to $112,000.
Bitcoin saw its price rise by 1.5% on Friday, trading above $115,000 after a period of sluggish demand. The move comes as several indicators point to increased market activity and potential for further gains.
According to data from Glassnode, onchain and technical signals suggest the recovery is supported, but Bitcoin must stay above the $115,000 mark to maintain momentum. Resistance is expected between $116,000 and $121,000.
Glassnode noted that with spot market demand waning and slower exchange-traded fund (ETF) inflows, “Attention now shifts to derivatives markets, which often set the tone when spot flows weaken.” The firm highlighted that the imbalance between buying and selling pressures—measured as volume delta bias—improved as Bitcoin rebounded from $108,000, indicating exhaustion among sellers on exchanges like Binance and Bybit. “Futures traders helped absorb recent sell pressure.”
The derivatives market has shown increased interest, with options open interest (the total value of outstanding option contracts) reaching an all-time high of $54.6 billion. This is a 26% jump from $43 billion earlier in September. When options open interest previously peaked in August, Bitcoin also reached record prices above $124,500. Data from Glassnode shows a “clear bias toward calls over puts, highlighting a market that leans bullish while still managing downside risk.” Futures and options positioning now appear more balanced than during previous periods of high speculation.
Analysis from Cointelegraph and TradingView shows Bitcoin recently trading at $115,400, encountering resistance near $116,000. The key supply zone is expected between $116,000 and $121,000, which traders must surpass for prices to approach new highs. The 50-day simple moving average (SMA) provides support at $114,500, with the 100-day SMA near $112,200.
Market activity points to large liquidity clusters between $116,400 and $117,000, based on data from CoinGlass. If these levels break, it could prompt short sellers to cover positions, potentially driving Bitcoin toward $120,000. On the downside, buyers are concentrated at $114,700, with further support between $113,500 and $112,000.
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