Bitcoin (BTC) is showing signs of recovery this week. The Bitcoin apparent demand has turned positive, reaching its highest level since July. According to analysts at Capriole Investment, this indicates a return of risk appetite to the market as investors adopt a “risk-on” approach amid improving macroeconomic conditions.
Capriole Investment’s “Bitcoin Apparent Demand” metric measures production (mining) minus inventory (supply inactive for over one year). This indicator rose sharply to 5,251 BTC on November 11. This is a notable shift, as demand had been negative since October 8, bottoming out near -3,930 BTC on October 21 before its sharp reversal.
Likewise, data from the analytics firm Glassnode reinforces this view. Their “Weekly Market Impulse” report notes that weekly spot volume increased by 23%. Spot trading volume grew from $11.5 billion to $14.1 billion over the last week. Glassnode interprets this as an “early sign of buyer re-engagement” and suggests stronger investor participation, which could lead to a breakout move.
Is the macroeconomic data enough to push BTC to new highs?
This shift in sentiment is not happening in a vacuum. Market optimism is being fueled by key macroeconomic factors. Investors are reacting positively to optimism surrounding the end of the U.S. government shutdown. Promises of tariff dividends and the expectation of a Fed rate cut in December are also influential. This global economy seems to be pushing investors back toward risk assets like Bitcoin.
Despite the positive metrics, Bitcoin must overcome crucial resistance to secure the recovery. Analysts at the firm Swissblock indicated in an X post that bullish momentum will consolidate if BTC reclaims the $108K-$110K pivot zone. Michael van de Poppe of MN Capital went further. He suggested that if Bitcoin breaks the $110,000 barrier, “we’ll likely see a rally towards the all-time high” (ATH) of $126,000.
The outlook for Bitcoin appears to be improving notably this week. The Bitcoin apparent demand and spot volume show a clear resurgence of buyer interest. However, the confirmation of this bullish reversal entirely depends on price action. Analyst Jelle warned that rejecting this level would be a clear sign of weakness, so the market is watching whether BTC can flip the $110,000 level into solid new support.
