Bitcoin demand peaks at 4-month high; $110K pivotal for rally
Bitcoin demand reached a four-month high on November 11, as Capriole Investments’ Apparent Demand metric rose to 5,251 BTC. Spot trading volume climbed 23% week-on-week to $14.1 billion, reflecting stronger investor engagement. Market drivers include the end of the US government shutdown, Trump’s $2,000 tariff dividend plan, and expectations of a December Fed rate cut.
From a technical perspective, Bitcoin closed above its 50-week moving average, with traders eyeing $108K–$110K as a key consolidation zone and $110K as critical resistance-turned-support. Swissblock highlights reduced selling pressure and early bullish reversal signals around these levels. MN Capital’s Michael van de Poppe forecasts that a sustained breakout above $110K could propel Bitcoin toward its all-time high near $126K, while failure to reclaim this pivot may increase downside risk.
Overall, improved Bitcoin demand and favorable macroeconomic factors point to a potential bullish shift. Traders should monitor daily trading volumes, institutional flows, and regulatory updates to assess trend strength and market stability.
Bullish
The sustained rise in Bitcoin demand to a four-month high, coupled with a 23% jump in spot trading volume, underscores growing buying pressure. Favorable macro catalysts—an end to the US government shutdown, tariff dividend proposals, and Fed rate-cut expectations—have bolstered risk sentiment. Technically, Bitcoin’s close above the 50-week moving average and the emerging consolidation around $108K–$110K suggest reduced selling pressure and early bullish reversal. In the short term, traders may test these resistance levels, with a successful break above $110K likely triggering a run-up toward $126K. Over the long term, if Bitcoin secures support above this pivot, it could sustain an uptrend toward new highs; failure to hold may lead to retracement. These factors collectively point to a bullish outlook for Bitcoin.