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As Bitcoin ($BTC) edges closer to the psychologically significant $100,000 milestone, several technical and on-chain indicators suggest that a major breakout could be on the horizon. One such metric – Bitcoin’s Apparent Demand – has shown a strong rebound, signalling renewed interest and sustained accumulation in the market.
Bitcoin Sees Sharp Rebound In Apparent Demand
According to a recent CryptoQuant Quicktake post, contributor IT Tech pointed to a significant rise in $BTC’s Apparent Demand. Most notably, this key indicator has returned to positive territory after spending several consecutive weeks in the red.
For the uninitiated, Bitcoin’s Apparent Demand (30-day sum) measures the cumulative net demand for $BTC over the past 30 days by tracking wallet accumulation and exchange outflows. A sharp increase in this metric suggests strong, sustained buying pressure, which can indicate bullish sentiment and potential for a price rally.
The following chart illustrates this rebound in $BTC’s Apparent Demand, which essentially reflects net changes in one-year inactive supply adjusted by daily block rewards – a metric designed to better represent organic demand growth.
Previously, this metric had fallen deeply into negative territory – dipping below -200,000 (highlighted in red) – suggesting waning demand. However, its recent reversal into positive territory signals that long-dormant capital is flowing back into the market. As noted in the post:
The demand pivot is closely aligned with the recent price rebound above $87K, implying this recovery is underpinned by real on-chain behavior rather than purely speculative flows.
This marks the first positive Apparent Demand reading since February and aligns with rising inflows into spot Bitcoin exchange-traded funds (ETFs), as well as growing accumulation by long-term holders.
Data from SoSoValue shows that US-based spot $BTC ETFs have recorded five consecutive days of net positive inflows, totalling more than $2.5 billion. The cumulative net inflow into spot $BTC ETFs now stands at an impressive $38.05 billion.
Is A $BTC Rally In Sight?
IT Tech noted that past reversals in Apparent Demand have historically preceded either significant rallies or periods of strong price support. If the current trend continues, $BTC may have the momentum needed to challenge the $90,000 level in the near term.
However, analysts caution that Bitcoin must hold its current support around $91,500 to maintain upward momentum. This level is particularly important because it is close to the realized price of short-term $BTC holders, according to CryptoQuant contributor Crazzyblockk.
Further adding to this outlook, prominent crypto analyst Rekt Capital emphasized that Bitcoin needs to secure a weekly close above $93,500 and reclaim it as support in order to establish a clear path to $100,000. At press time, $BTC trades at $94,492, up 2% in the last 24 hours.
