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Is Bitcoin Ready for Its Next Rally? On-Chain Metrics Say Yes
Bitcoin is showing renewed signs of strength as on-chain and market data point to rising demand, higher trading volume, and growing investor optimism amid improving macroeconomic conditions.
Spot Demand Turns Positive for the First Time Since July
According to Capriole Investments, Bitcoin’s Apparent Demand metric—which measures production (mining issuance) minus long-term inactive supply—has flipped positive for the first time since July, climbing sharply to 5,251 BTC on November 11. This marks the highest reading in four months, signaling renewed accumulation by investors after a prolonged period of weakness.
At the same time, spot trading volume jumped 23% week-over-week, reaching $14.1 billion, up from $11.5 billion, according to Glassnode’s Weekly Market Impulse report. Analysts say this uptick in volume reflects “an early sign of buyer re-engagement” and a possible prelude to a breakout move.
Macro Tailwinds Fuel Investor Optimism
Improving global sentiment appears to be driving renewed interest in risk assets. Optimism surrounding the end of the U.S. government shutdown, Trump’s proposed $2,000 tariff dividend payments, and expectations of a December Federal Reserve rate cut have all contributed to a more bullish environment.
As a result, Bitcoin (BTC) has climbed back to around $104,600, with traders eyeing a potential retest of higher resistance levels.
$110K Remains the Critical Bullish Threshold
Despite the positive shift in momentum, analysts stress that Bitcoin must reclaim $110,000 as support to confirm a full bullish reversal. Swissblock noted that “after defending the critical zone, BTC’s next move is all about consolidation and confirmation,” adding that momentum will ignite once bulls “reclaim the $108K–$110K pivot zone.”
Michael van de Poppe, founder of MN Capital, believes that a clean breakout above $110,000 could send BTC surging toward its all-time high near $126,000. Similarly, analyst Jelle cautioned that rejection at this level would signal further weakness.
In the near term, Bitcoin’s double-bottom pattern continues to hint at bullish momentum, though analysts warn that a brief retracement to the CME gap near $104,000 could occur before any decisive move higher.
