The Bitcoin Layer Bitcoin Breakout or Fade: $119,000 Test & Market Behavior
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Oct 2, 2025 Johan Bergman, a research associate specializing in on-chain and derivatives analysis, joins to dissect Bitcoin's recent price movements. They explore the significance of the bullish engulfing pattern, pinpoint critical support and resistance levels at $105K and $117K, and unpack the dynamics in the derivatives market, highlighting balanced funding rates. Johan reveals insights about the health of market conditions and explains how realized profits could impact price action. They also discuss how on-chain metrics echo broader market behavior, revealing the underlying forces driving Bitcoin's trajectory.
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Engulfing Candle Signals Possible Reversal
- A bullish engulfing three-day candle can signal a trend reversal when it reclaims prior losses and gains momentum.
- Johan notes the recent three-day engulfing candle held through the weekend and may mark a shift from the prior downtrend.
High-Volume Nodes Create Support/Resistance
- High-volume nodes on a volume profile often act as support or resistance where many traders entered positions.
- Johan explains the 105K node may support while the 117–118K node can act as resistance as traders take profits or exit.
Use Derivatives To Judge Rally Health
- Check perpetual derivatives metrics (funding, open interest, perp vs spot) to judge if a rally is leverage-driven or healthy.
- Johan advises cautiousness when open interest rises faster than price or funding spikes, as moves may be fragile.