Bitcoin faces its "next real test" at the $90,000 level, as traders continue to lock in unrealized profits, according to the latest market analyses.
Taking profits means a "natural pause" for Bitcoin’s price at $90,000
CryptoQuant’s on-chain analytics platform warned, in its latest weekly report released on Tuesday, that the area around the $90,000 level will carry increased odds of taking profits if the price reaches it. Bitcoin’s "realized price" for traders—the average purchase price of coins that last moved on-chain within the past one to three months—is currently at $64,300. CryptoQuant data shows upper and lower bands around this level that reflect the profit or loss margins for this segment of supply. The "upper band" for taking profits is at $90,300, which is 40% higher than the realized price.
CryptoQuant analysts explained that this upper range intersects with a supply cluster on-chain between $88,000 and $90,000, making it the next resistance to be overcome. They noted that traders’ profit margins historically widen as the price approaches this range, which could lead to more selling activity. However, this represents a natural pause point within the uptrend rather than a reversal. The report describes the path between the current price of $86,000 and the profit-taking zone as "nearly obstacle-free," with no expectation of a return to bear-market conditions.
The report added that "the bull market is confirmed, as both technical and valuation indicators and on-chain data are all pointing in the same direction—which is rising," in line with a prior statement by CryptoQuant CEO Ki Young Ju. In a post on X this week, Ki said that future Bitcoin price cycles will be less extreme than before due to ownership shifting from retail investors to institutions. He added that market broadening and the growth of institutional ownership help ease the intensity of both the bullish and bearish directions.
Bitcoin profitability stability in 2026
Ki noted that during the 2026 bear market, Bitcoin’s MVRV (market value to realized value) ratio did not fall below the 1 break-even level at any point. This indicates that the broader investor base remained profitable throughout that period, in stark contrast to previous macroeconomic downturn periods. The MVRV indicator has now surpassed its 365-day moving average—a development that had previously signaled the end of the bear markets in 2018 and 2022.
New capital inflows into Bitcoin remain notably high this month as well. According to data from Farside Investors, U.S. spot Bitcoin exchange-traded funds recorded net inflows of $1.7 billion over the first two trading days of this week. Monday’s total of $999 million was the largest daily inflow since October 2025.