Bitcoin Price Eyes $90K as NUPL Flips Bullish After 317 Days

Bitcoin's price has regained a long-term Net Unrealized Profit and Loss (NUPL) trend level after 317 days, according to CryptoQuant contributor Burak Kesmeci. The NUPL indicator turned positive against its long-term trend, strengthening the recovery case for Bitcoin.

The price of Bitcoin traded between $76,526 and $78,801 over the past 24 hours, with a market capitalization of $1.54 trillion and a circulating supply of nearly 20.07 million BTC. The latest rebound saw Bitcoin rally roughly 26% over four days before Kesmeci's analysis.

Net Unrealized Profit and Loss tracks unrealized gains and losses across Bitcoin holders, with positive readings indicating aggregate unrealized profit and negative readings indicating aggregate unrealized losses. The indicator rose from 0.16 to 0.32 during the recent rally, placing it just above its 365-day moving average of 0.31.

The immediate technical test for Bitcoin remains the $78,000-$80,000 liquidity range identified by multiple traders. A sustained break above that area would move Bitcoin closer to the psychological $90,000 target. However, failure to hold the mid-$70,000 region could shift attention to lower-liquidity pockets.