Important points:
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Spot demand for Bitcoin has turned positive, suggesting a possible bullish reversal.
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An increase in spot volume suggests high speculative activity.
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BTC price needs to recover $110,000 as support to ensure a recovery.
Bitcoin (BTC) demand has shown signs of recovery in November, suggesting a possible bullish reversal. However, traders say the BTC/USD pair will gain momentum once it crosses $110,000.
Apparent demand for Bitcoin hits 4-month high
Apparent demand for Bitcoin has turned positive after rising to its highest since July as traders and investors adopt a risk-on approach due to improving macroeconomic conditions.
Capriole Investment’s Bitcoin Apparent Demand Index is a commodity indicator that measures demand, measuring production (mined issuance) minus inventory (supply that has been inactive for more than a year).
This demand surged to 5,251 BTC on November 11th, a level last seen on July 31st.
Related: Bitcoin’s next move could shock traders if BTC price rises above $112,000
Apparent demand for Bitcoin has been negative since October 8, bottoming out at around -3,930 BTC on October 21, and then reversing sharply as shown in the chart below.
Meanwhile, spot trading volume rose 23% to $14.1 billion from $11.5 billion the previous week, suggesting increased speculative activity.
The rally suggests Bitcoin’s recent recovery to $106,000 is “an early sign of buyer re-engagement,” Glassnode wrote in its latest weekly Market Impulse report, adding:
“Increasing spot trading volume suggests stronger investor participation and potential for a breakout.”
Optimism about the end of the U.S. government shutdown and President Trump’s $2,000 tariff dividend payments, combined with the Fed’s planned interest rate cuts in December and upcoming quantitative easing, are causing investors to scale back on risky assets.
Bitcoin price needs to regain $110,000
Bitcoin’s bullish weekly closing price above its 50-week simple moving average has given traders confidence that Bitcoin can move higher from current levels.
According to SwissBlock, the outcome of the Bitcoin bull run depends on whether the bulls recover support at $110,000.
“BTC’s next move after defending the critical zone is all about consolidation and confirmation,” the private asset manager said in a post on Monday X.
Swissbloc explained that with prices still maintaining the macro structure, momentum will begin to build as the bulls “retake the $108,000-$110,000 pivot zone”, adding:
“Selling pressure is easing and BTC$ is showing early signs of a bullish reversal.”
MN Capital founder Michael Van de Poppe said that if Bitcoin breaks through $110,000, it will likely rally toward an all-time high of $126,000.
Serious resistance looms #bitcoin.
The government shutdown is almost over, which would be the ideal signal for the market to return to bullish mode.
To be honest, $BTC If it breaks above $110,000, it will likely move towards ATH.
i am hoping #altcoin To… pic.twitter.com/5j0UEAkq3S
— Michael van de Poppe (@CryptoMichNL) November 10, 2025
Fellow analyst Jere said a return to the $110,000 support level is “very important, because a rejection here would be a clear sign of further weakness in the market.”
As reported by Cointelegraph, Bitcoin’s double bottom pattern could increase bullish momentum towards $110,000, but the BTC/USD pair could first close the CME gap near $104,000 with a short-term retracement.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should conduct their own research when making decisions.