Bitcoin BTC Price Climbs to $115K as Traders Target $120K Breakout

Bitcoin BTC traded around $115,243 on Monday, extending its recovery from last week’s sharp selloff. The rebound followed what analysts called one of the biggest leverage resets in crypto history, with more than $20 billion in open interest wiped out before prices stabilized over the weekend.

The latest price action showed Bitcoin reclaiming the $113,500 support level, signaling a shift in short-term sentiment after a volatile week driven by policy uncertainty and market liquidations.

Bitcoin BTC Recovers as Market Reclaims Lost Support

Crypto trader Ted (@TedPillows) said Bitcoin had “reclaimed the $113,500 support level,” adding that the next key resistance sat around $117,500. He noted that a clear break above this zone could “reclaim momentum towards last week’s all-time high (ATH).”

Technical charts shared by Ted highlighted a range-bound structure with visible support between $108,000 and $113,000 and resistance extending to $120,000. The setup suggests traders are cautiously rebuilding positions after last week’s liquidation flush.

Market data from CoinGlass showed open interest recovering from $69 billion to $74 billion, underscoring renewed activity in derivatives after funding rates across exchanges dropped to levels last seen during the 2022 bear market.

Glassnode called this reset “one of the most severe leverage flushes in crypto history,” adding that speculative excess had been “aggressively removed from the system.”

Analysts Eye $120K Breakout as Bull Trend Rebounds

Traders on X see Bitcoin’s current consolidation as a potential base for a new rally. Market commentator Michaël van de Poppe (@CryptoMichNL) said BTC was “bouncing back firmly,” predicting that a new all-time high could come “really soon.”

He identified $120,000 as the critical breakout point for sustained bullish momentum, while $112,000 remained the level to hold. “The bear market hasn’t started,” van de Poppe wrote, noting that the area around $120K should break to regain momentum upward.

Similarly, analyst BitBull (@AkaBull_) pointed to Bitcoin’s support at its 50-day simple moving average (SMA), describing it as “the bull-bear line since 2023.” He said BTC “held up pretty well,” adding that a breakout could see the asset “at new highs in a few weeks.”

After falling sharply to $107,000, BTC bounced above $115,000 as traders responded to renewed liquidity inflows in traditional markets. The Kobeissi Letter noted that the S&P 500 had recovered nearly half of its losses, while gold reached a new all-time high of above $4,078 per ounce, reflecting a broader risk-on sentiment.

Volatility Spikes as Traders Reset Positions

Despite the rebound, volatility remains elevated. Analyst Frank A. Fetter said on X that Bitcoin’s implied volatility had spiked to its highest level since April, calling it a “welcome return of larger potential moves.”

The sudden rise in volatility followed a series of cascading liquidations that erased over $10 billion in Bitcoin open interest across major exchanges. Glassnode co-founder Rafael Schultze-Kraft confirmed that “liquidations were almost certainly larger” due to incomplete reporting by some platforms.

He noted that large traders on Hyperliquid had turned net short before the crash, signaling a growing hedging bias in early October. “While levels have since recovered, they remain deeply negative,” Schultze-Kraft added, advising traders to “stay cautious.”

Institutional Liquidity Returns After the Flush

On-chain data and derivatives trends now suggest that institutional players may be re-entering at lower prices. Analyst Skew observed that “large players were entering as the BTC price retook $115,000,” with key support holding at $ 112,000 on both the daily and weekly charts.

Trader SuperBro identified heavy liquidity zones between $108,500 and $113,000, as well as “hot spots” overhead from $123,000 to $128,000, with a concentration around the $126,000 all-time high (ATH). That zone could attract renewed long interest if BTC breaks through the $117K–$120K band.

Meanwhile, Adam Kobeissi, co-founder of The Kobeissi Letter, described the recent price action as “one of the largest and fastest wealth transfers in crypto history.” The rapid wipeout, he said, eliminated overleveraged traders and restored “healthier market conditions for the next leg up.”

Bitcoin BTC Outlook: $112K to Hold, $120K to Break

Bitcoin’s short-term trend now hinges on two key price zones. Holding above $113,000–$114,000 could maintain bullish structure, while failure to clear $117,500–$120,000 may trigger another retracement.

Traders remain cautious after a week of record liquidations, though the broader sentiment appears to be shifting back toward optimism. The alignment of equities, gold, and crypto recoveries underscores a possible return of risk appetite after policy-driven turbulence.

With BTC now trading above $115,000, the next few days could determine whether the market consolidates into breakout momentum or stalls below resistance once again.