BTC Back Above $115K: What’s Next for Bitcoin?

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Bitcoin price sees a modest recovery driven by derivatives, with big overhead resistance above $116,000 in place and several key support levels below.

Bitcoin price rose 1.5% to over $115,000, with onchain indicators suggesting market momentum is picking up. 

BTC must hold above $115,000 to secure the recovery, with resistance at $116,000-$121,000.

Bitcoin price was up on Friday, rising 1.5% over the past 24 hours to trade above $115,000. Several technical and onchain indicators suggest the BTC market is “advancing on firmer footing” to higher levels, according to Glassnode.

Bitcoin derivatives “set the tone” for BTC price
Bitcoin’s ability to stage a sustained recovery has been curtailed by weak spot demand and softening ETF inflows. 

“Attention now shifts to derivatives markets, which often set the tone when spot flows weaken,” Glassnode wrote in its latest Week Onchain report. 

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