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Bitcoin edges above $115,000 as derivatives drive momentum
Bitcoin (BTC) climbed roughly 1.5% on Friday to trade above $115,000, signaling a modest but meaningful recovery after a dip to the low $108,000s earlier in September. Onchain metrics and market-structure indicators point to improving momentum, with derivatives activity playing a central role while spot demand and ETF inflows remain thin.
Derivatives set the tone amid weak spot liquidity
With spot buying relatively soft, the futures and options markets have assumed greater influence over short-term price action. Glassnode’s latest Week Onchain report highlighted that Bitcoin’s volume delta bias — a measure of the net buying versus selling pressure on exchanges — recovered during the rally from $108,000, suggesting sellers on exchanges such as Binance and Bybit have been largely absorbed by futures traders.
Options open interest has surged to record levels, another sign that derivatives are central to the market’s next leg. Open interest in Bitcoin options reached $54.6 billion, up from $43 billion at the beginning of September, reflecting growing investor engagement with calls and puts.
Glassnode noted a clear skew toward call positioning while downside protection remains present, describing the market structure as more balanced than prior overheated phases. That balance could provide a firmer base for sustained upside if positioning evolves favorably.
Key resistance and support levels to watch
Data from Cointelegraph Markets Pro and TradingView shows BTC facing immediate resistance around $116,000. For bulls to keep control and build on the recent recovery, Bitcoin must reliably hold above the $115,000 mark. Just above this lies a significant supply zone that stretches from $116,000 to $121,000 — a major barrier toward any renewed push for all-time highs.
On the downside, short-term support clusters align with key moving averages: the 50-day simple moving average sits near $114,500, while the 100-day SMA is around $112,200. A local swing low at roughly $107,200 and the psychological $110,000 level together form another meaningful support band.
Liquidity clusters and liquidation risk
Order-flow data shows dense liquidity and short-liquidation clusters between $116,400 and $117,000. If BTC breaks and holds above that area, a squeeze could force shorts to cover and potentially accelerate a move toward $120,000.
Conversely, heavy bid orders are visible around $114,700, with another demand cluster between $113,500 and $112,000 — levels traders will watch for loss of momentum or a deeper corrective pullback.
What this means for traders and investors
In the current low spot-liquidity environment, derivatives positioning will be critical. Options expiries and futures flows can rapidly alter near-term pricing, so traders should monitor open interest, funding rates and delta exposure. A $4.3 billion options expiry recently favored bullish bets and, according to market observers, could help clear the path to $120,000 as long as BTC remains above the $113,000-$115,000 pivot zone.
For long-term investors, the balanced options structure and record open interest suggest increasing institutional participation — but spot liquidity constraints mean price moves can be amplified by derivatives activity. Risk management around the $114,000–$116,000 corridor is essential for those trading the breakout or guarding against a re-test of lower supports.
Source: cointelegraph
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