Bitcoin price nears $115,000 as retail investors defy market fears

Bitcoin price is recovering steadily after a sharp drop on Friday that took it from $122,000 to $102,000 at its lowest point.

However, this recovery was not driven by leveraged traders but by spot holders, who showed remarkable resilience in volatile conditions.

Bitcoin holders show restraint

Despite the sharp market decline, Bitcoin investors have shown strong confidence. Data from exchange net positions shows that over the past three days, as BTC fell, only about 6,000 BTC—equivalent to about $688 million—flowed into exchanges. This limited inflow suggests that there has been little selling by holders, even as volatility has increased.

While many Futures Contract traders faced liquidation in the crash, spot investors held firm. Their decision to hold positions rather than sell at a loss Vai as a stabilizing force, preventing further declines.

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Overall market momentum remains cautious. The Bitcoin Longing/ Short Bias chart, which measures the aggregate net positions of large BTC traders on Hyperliquid, shows a sharp increase in net Short positions starting on October 6, days before the drop. This early shift signals growing bearish sentiment among institutional traders.

Although some of these positions have been reduced, the chart remains significantly negative, suggesting that while the recovery is underway, market sentiment has not yet turned completely bullish.

BTC price is trying to recover

Bitcoin is currently trading around $114,553, just below the key resistance level of $115,000. It broke above this level during the intraday high but failed to sustain the momentum, suggesting that selling pressure remains near this level.

In the short term, Bitcoin's outlook remains cautiously optimistic, supported by strong holder sentiment. A successful recapture of $115,000 could pave the way towards $117,261 and eventually $120,000. However, a full recovery would require a strong push back to $122,000.

But if bearish pressure from traders overcomes investor restraint, Bitcoin could slide below $112,500. This could cause the cryptocurrency king to test the $110,000 support level and invalidate the bullish outlook.