Bitcoin Signals Bullish Reversal As ‘apparent Demand’ Hits...

Bitcoin’s apparent demand and spot activity are picking up; momentum will be re-ignited once BTC breaks through $110,000.

Bitcoin spot demand has flipped positive, signaling a potential bullish reversal.

Increasing spot volume suggests higher speculative activity.

BTC price must reclaim $110,000 as support to secure the recovery.

Demand for Bitcoin (BTC) has shown signs of recovery, signaling a possible bullish reversal. Still, traders say momentum will increase once the BTC/USD pair breaks above $110,000.

Bitcoin’s apparent demand has shifted to a positive outlook after rising to its highest level since July, as traders and investors adopt a risk-on approach due to improving macroeconomic conditions.

Capriole Investment’s Bitcoin Apparent Demand metric is a commodity metric that gauges demand, measuring production (mining issuance) minus inventory (supply inactive for over one year).

This demand had increased sharply to 5,251 BTC on Nov. 11, levels last seen on July 31.

Related: Bitcoin’s next move could shock traders if BTC price breaks above $112K

Bitcoin's apparent demand has been negative since Oct. 8, bottoming around -3,930 BTC on Oct. 21, before reversing sharply as shown in the chart below.

Source: CoinTelegraph