Bitcoin Price Eyes $90K as Long-Term Indicator Flips Bullish
The Bitcoin price has been steadily increasing over the past few days, and analysts are now predicting that it could reach $90,000. This comes after a long-term indicator, Net Unrealized Profit and Loss (NUPL), flipped bullish for the first time in 317 days.
Liquidity remained concentrated around $73,000-$75,000 and $78,000-$80,000, which could create pullback risk in the near term. However, the recent rally has improved long-term profitability signals, and sustained readings above the yearly average could support continued upward momentum.
Trader Killa compared the latest rally with Bitcoin's 2022 cycle low, suggesting that a possible local pullback area between $70,000 and $73,000 could be a shallow decline. This view aligns with liquidity analysis from That Martini Guy, who identified larger downside liquidity concentrations around $73,000-$75,000 and $69,000-$71,000.
U.S. spot Bitcoin ETFs recorded four consecutive sessions of inflows, totaling $1.62 billion in net inflows across Aug. 18 through Aug. 21. This increase in institutional demand adds to the bullish case for Bitcoin's price.