Key Takeaways
- •Bitcoin spot demand has flipped positive, indicating a potential bullish reversal.
- •An increase in spot volume suggests higher speculative activity.
- •BTC price needs to reclaim $110,000 as support to confirm the recovery.
Bitcoin Apparent Demand Shows Recovery
Demand for Bitcoin (BTC) has exhibited signs of recovery in November, suggesting a possible bullish reversal. Traders indicate that momentum will accelerate once the BTC/USD pair breaks above the $110,000 mark.
Bitcoin's apparent demand has shifted to a positive outlook, reaching its highest level since July. This trend coincides with traders and investors adopting a risk-on approach, influenced by improving macroeconomic conditions.
The Bitcoin Apparent Demand metric, developed by Capriole Investments, gauges demand by measuring mining issuance against the supply of Bitcoin inactive for over one year.
This metric saw a sharp increase to 5,251 BTC on November 11, levels not observed since July 31. Bitcoin's apparent demand had been negative since October 8, reaching a low of approximately -3,930 BTC on October 21, before a significant reversal.
Concurrently, spot trading volume has increased by 23%, rising from $11.5 billion to $14.1 billion over the past week. This indicates heightened speculative activity in the market.
Glassnode noted in its latest Weekly Market Impulse report that this increase suggests Bitcoin's recent recovery to $106,000 was an "early sign of buyer re-engagement." The report further added:
The rise in spot volume suggests stronger investor participation and a potential for a breakout move.
Optimism surrounding the conclusion of the US government shutdown, combined with promises of $2,000 tariff dividend payments, the Federal Reserve's anticipated December rate cut, and upcoming quantitative easing measures, are prompting investors to re-enter risk assets.
Bitcoin Price Needs to Reclaim $110,000
Bitcoin's successful weekly close above the 50-week simple moving average has bolstered traders' confidence in its potential for further upward movement from current levels.
According to Swissblock, Bitcoin's bullish case now depends on bulls reclaiming $110,000 as support.
"After defending the critical zone, BTC's next move is all about consolidation and confirmation," the private wealth manager stated in a recent X post.
Swissblock further explained that as the price is still holding the macro structure, momentum is expected to ignite once bulls "reclaim $108K–$110K pivot zone." They added:
Selling pressure is easing, and $BTC is giving early signals of a bullish reversal.
Michael van de Poppe, founder of MN Capital, suggested that Bitcoin could rally towards its all-time high of $126,000 if it successfully breaks through the $110,000 resistance level.
Crucial resistance coming up for #Bitcoin.
— Michaël van de Poppe (@CryptoMichNL) November 10, 2025
The government shutdown is nearly over, which would be an ideal signal for the markets to turn back into bull mode.
To be honest, if $BTC breaks through $110K, we'll likely see a rally towards the ATH.
I do expect #Altcoins to… pic.twitter.com/5j0UEAkq3S
Fellow analyst Jelle stated that reclaiming the $110,000 support level is "very important as rejecting here would be a clear sign of further weakness in the market."
As previously reported, Bitcoin's double bottom pattern might boost bullish momentum towards $110,000. However, the BTC/USD pair could experience a short-term retracement to fill the CME gap near $104,000 before potentially continuing its upward trend.