diff --git a/CHANGELOG.md b/CHANGELOG.md
index b609c4ef0f..d2fffce60d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -14,6 +14,10 @@
 - Add SENTRY_AUTO_INIT environment variable to control OpenTelemetry Agent init ([#2410](https://github.com/getsentry/sentry-java/pull/2410))
 - Add OpenTelemetryLinkErrorEventProcessor for linking errors to traces created via OpenTelemetry ([#2418](https://github.com/getsentry/sentry-java/pull/2418))
 
+### Dependencies
+
+- Bump OpenTelemetry to 1.20.1 and OpenTelemetry Java Agent to 1.20.2 ([#2420](https://github.com/getsentry/sentry-java/pull/2420))
+
 ## 6.9.1
 
 ### Fixes
diff --git a/buildSrc/src/main/java/Config.kt b/buildSrc/src/main/java/Config.kt
index ccfc0249ec..3f15e42824 100644
--- a/buildSrc/src/main/java/Config.kt
+++ b/buildSrc/src/main/java/Config.kt
@@ -135,10 +135,19 @@ object Config {
 
         val apolloKotlin = "com.apollographql.apollo3:apollo-runtime:3.3.0"
 
-        val otelVersion = "1.19.0"
-        val otelAlphaVersion = "1.19.0-alpha"
-        val otelJavaagentVersion = "1.19.2"
-        val otelJavaagentAlphaVersion = "1.19.2-alpha"
+        object OpenTelemetry {
+            val otelVersion = "1.20.1"
+            val otelAlphaVersion = "1.20.1-alpha"
+            val otelJavaagentVersion = "1.20.2"
+            val otelJavaagentAlphaVersion = "1.20.2-alpha"
+
+            val otelSdk = "io.opentelemetry:opentelemetry-sdk:$otelVersion"
+            val otelSemconv = "io.opentelemetry:opentelemetry-semconv:$otelAlphaVersion"
+            val otelJavaAgent = "io.opentelemetry.javaagent:opentelemetry-javaagent:$otelJavaagentVersion"
+            val otelJavaAgentExtensionApi = "io.opentelemetry.javaagent:opentelemetry-javaagent-extension-api:$otelJavaagentAlphaVersion"
+            val otelJavaAgentTooling = "io.opentelemetry.javaagent:opentelemetry-javaagent-tooling:$otelJavaagentAlphaVersion"
+            val otelExtensionAutoconfigureSpi = "io.opentelemetry:opentelemetry-sdk-extension-autoconfigure-spi:$otelVersion"
+        }
     }
 
     object AnnotationProcessors {
diff --git a/sentry-opentelemetry/sentry-opentelemetry-agent/build.gradle.kts b/sentry-opentelemetry/sentry-opentelemetry-agent/build.gradle.kts
index 495e200f24..80b68430db 100644
--- a/sentry-opentelemetry/sentry-opentelemetry-agent/build.gradle.kts
+++ b/sentry-opentelemetry/sentry-opentelemetry-agent/build.gradle.kts
@@ -14,8 +14,12 @@ fun relocatePackages(shadowJar: ShadowJar) {
     // rewrite dependencies calling Logger.getLogger
     shadowJar.relocate("java.util.logging.Logger", "io.opentelemetry.javaagent.bootstrap.PatchLogger")
 
-    // rewrite library instrumentation dependencies
-    shadowJar.relocate("io.opentelemetry.instrumentation", "io.opentelemetry.javaagent.shaded.instrumentation")
+    // prevents conflict with library instrumentation, since these classes live in the bootstrap class loader
+    shadowJar.relocate("io.opentelemetry.instrumentation", "io.opentelemetry.javaagent.shaded.instrumentation") {
+        // Exclude resource providers since they live in the agent class loader
+        exclude("io.opentelemetry.instrumentation.resources.*")
+        exclude("io.opentelemetry.instrumentation.spring.resources.*")
+    }
 
     // relocate OpenTelemetry API usage
     shadowJar.relocate("io.opentelemetry.api", "io.opentelemetry.javaagent.shaded.io.opentelemetry.api")
@@ -50,7 +54,7 @@ val upstreamAgent = configurations.create("upstreamAgent") {
 dependencies {
     bootstrapLibs(projects.sentry)
     javaagentLibs(projects.sentryOpentelemetry.sentryOpentelemetryAgentcustomization)
-    upstreamAgent("io.opentelemetry.javaagent:opentelemetry-javaagent:${Config.Libs.otelJavaagentVersion}")
+    upstreamAgent(Config.Libs.OpenTelemetry.otelJavaAgent)
 }
 
 fun isolateClasses(jars: Iterable<File>): CopySpec {
@@ -146,11 +150,11 @@ tasks {
             attributes.put("Can-Redefine-Classes", "true")
             attributes.put("Can-Retransform-Classes", "true")
             attributes.put("Implementation-Vendor", "Sentry")
-            attributes.put("Implementation-Version", "sentry-${project.version}-otel-${Config.Libs.otelJavaagentVersion}")
+            attributes.put("Implementation-Version", "sentry-${project.version}-otel-${Config.Libs.OpenTelemetry.otelJavaagentVersion}")
             attributes.put("Sentry-Version-Name", project.version)
             attributes.put("Sentry-Opentelemetry-SDK-Name", Config.Sentry.SENTRY_OPENTELEMETRY_AGENT_SDK_NAME)
-            attributes.put("Sentry-Opentelemetry-Version-Name", Config.Libs.otelVersion)
-            attributes.put("Sentry-Opentelemetry-Javaagent-Version-Name", Config.Libs.otelJavaagentVersion)
+            attributes.put("Sentry-Opentelemetry-Version-Name", Config.Libs.OpenTelemetry.otelVersion)
+            attributes.put("Sentry-Opentelemetry-Javaagent-Version-Name", Config.Libs.OpenTelemetry.otelJavaagentVersion)
         }
     }
 
diff --git a/sentry-opentelemetry/sentry-opentelemetry-agentcustomization/build.gradle.kts b/sentry-opentelemetry/sentry-opentelemetry-agentcustomization/build.gradle.kts
index 0b0dc08ca1..a9b7f3666f 100644
--- a/sentry-opentelemetry/sentry-opentelemetry-agentcustomization/build.gradle.kts
+++ b/sentry-opentelemetry/sentry-opentelemetry-agentcustomization/build.gradle.kts
@@ -22,10 +22,10 @@ dependencies {
     compileOnly(projects.sentry)
     implementation(projects.sentryOpentelemetry.sentryOpentelemetryCore)
 
-    compileOnly("io.opentelemetry:opentelemetry-sdk:${Config.Libs.otelVersion}")
-    compileOnly("io.opentelemetry:opentelemetry-sdk-extension-autoconfigure-spi:${Config.Libs.otelVersion}")
-    compileOnly("io.opentelemetry.javaagent:opentelemetry-javaagent-extension-api:${Config.Libs.otelJavaagentAlphaVersion}")
-    compileOnly("io.opentelemetry.javaagent:opentelemetry-javaagent-tooling:${Config.Libs.otelJavaagentAlphaVersion}")
+    compileOnly(Config.Libs.OpenTelemetry.otelSdk)
+    compileOnly(Config.Libs.OpenTelemetry.otelExtensionAutoconfigureSpi)
+    compileOnly(Config.Libs.OpenTelemetry.otelJavaAgentExtensionApi)
+    compileOnly(Config.Libs.OpenTelemetry.otelJavaAgentTooling)
 
     compileOnly(Config.CompileOnly.nopen)
     errorprone(Config.CompileOnly.nopenChecker)
diff --git a/sentry-opentelemetry/sentry-opentelemetry-core/build.gradle.kts b/sentry-opentelemetry/sentry-opentelemetry-core/build.gradle.kts
index c9c248ee01..c8db1650b2 100644
--- a/sentry-opentelemetry/sentry-opentelemetry-core/build.gradle.kts
+++ b/sentry-opentelemetry/sentry-opentelemetry-core/build.gradle.kts
@@ -21,8 +21,8 @@ tasks.withType<KotlinCompile>().configureEach {
 dependencies {
     compileOnly(projects.sentry)
 
-    compileOnly("io.opentelemetry:opentelemetry-sdk:${Config.Libs.otelVersion}")
-    compileOnly("io.opentelemetry:opentelemetry-semconv:${Config.Libs.otelAlphaVersion}")
+    compileOnly(Config.Libs.OpenTelemetry.otelSdk)
+    compileOnly(Config.Libs.OpenTelemetry.otelSemconv)
 
     compileOnly(Config.CompileOnly.nopen)
     errorprone(Config.CompileOnly.nopenChecker)
@@ -37,8 +37,8 @@ dependencies {
     testImplementation(Config.TestLibs.mockitoKotlin)
     testImplementation(Config.TestLibs.awaitility)
 
-    testImplementation("io.opentelemetry:opentelemetry-sdk:${Config.Libs.otelVersion}")
-    testImplementation("io.opentelemetry:opentelemetry-semconv:${Config.Libs.otelAlphaVersion}")
+    testImplementation(Config.Libs.OpenTelemetry.otelSdk)
+    testImplementation(Config.Libs.OpenTelemetry.otelSemconv)
 }
 
 configure<SourceSetContainer> {