In this episode, Nik is joined by TBL research associate Johan Bergman to analyze Bitcoin’s latest price action and on-chain signals. They break down the bullish engulfing pattern that may mark a trend reversal, explain why high-volume nodes at $105K and $117K act as support and resistance, and discuss the behavior of longs and shorts as positions reset. Johan highlights healthy signals in the derivatives market, including balanced funding rates and short squeezes, while on-chain data shows billions in realized profits and the overhang that must clear before price can break higher. The conversation ties SOPR, funding rates, sell-side risk, and implied volatility together to show how all markets reflect the same human behavior driving Bitcoin’s monetization. Find charts here: Bitview.space Bitcoin Age is here, order yours today: https://a.co/d/5gau08H The Bitcoin Layer is a bitcoin and global macroeconomic research firm. The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empowers you to take full control of your Bitcoin with a collaborative multisig vault, where you hold two of three keys, and benefit from a Bitcoin security partner. Purchase Bitcoin directly into your cold storage vault and eliminate exchange risks with Unchained's Trading Desk. Unchained also offers the best IRA product in the industry, allowing you to easily roll over old 401(k)s or IRAs into Bitcoin while keeping control of your keys. Don’t pay more taxes than you have to. Talk to us today. Visit unchained.com/tbl and use the code TBL10 for a 10% credit towards your first year's account fees. Blockstream delivers cutting-edge Bitcoin infrastructure. Discover the top-rated Blockstream Jade hardware wallet for secure offline storage, and explore the Blockstream Satellite for a seamless offline Bitcoin node experience — all available at the Blockstream Store. Visit: https://store.blockstream.com/discount/TBL for 10% off entire order. Arch Lending is the Bitcoin-native solution for unlocking liquidity without selling your Bitcoin. Secure a loan using your Bitcoin as collateral, with zero rehypothecation and institutional-grade custody. Whether you're buying a home or investing in your business, Arch Lending helps you access capital while staying long BTC. Learn more at: archlending.com ▶️ Subscribe and turn on notifications for TBL on YouTube. Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe Subscribe to The Bitcoin Layer on your favorite podcast platform. Follow TBL on X: https://twitter.com/TheBitcoinLayer Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch ️ ₿lock Height 917307 Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg Nik Bhatia's Twitter: https://twitter.com/timevalueofbtc Researcher Demian Schatt's Twitter: https://x.com/demianschatt Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB The Bitcoin Layer and its guests do not provide investment advice. Chapters: 00:33 Review of Last Week's Framework 01:30 Engulfing Candles & Trend Reversal 03:02 Behavioral Signals in Technical Analysis 04:18 High Volume Nodes & Market Psychology 06:36 Volume Profile: Support & Resistance 08:38 Behind the Paywall: Risk Report & Charts 09:13 Derivatives Market Overview 12:12 Funding Rates, Open Interest & Longs vs. Shorts 16:32 Spot vs. Derivatives: Price Premium & Market Risks 22:03 Profit Taking & Onchain Supply Dynamics 26:01 Monetization of Bitcoin & Supply Overhang 29:31 Current Market State & Recent Onchain Data 32:43 Signal vs. Noise in Onchain Data 35:13 Onchain Metrics vs. Derivatives & Options Markets 39:49 Market Behavior & Price Movements