On‑chain data confirms new Bitcoin bull market, but $90K may trigger profit‑taking

On‑chain analytics firm CryptoQuant says Bitcoin’s recent price action confirms the start of a new bull market, but the $90,000 region may become a profit‑taking zone that slows further upside.

On‑chain signals point to a bull market

CryptoQuant highlighted several on‑chain indicators that suggest a bullish shift, including Bitcoin reclaiming its 365‑day moving average around $80,500. The firm’s weekly report states that technical, valuation and on‑chain data now align in an upward direction.

Profit‑taking risk around $90,000

CryptoQuant’s data shows the average acquisition price (realized price) for Bitcoin moved on‑chain one to three months ago sits at $64,300. An “upper band” for profit‑taking is identified at $90,300, roughly 40 % above that realized price. When price approaches this band, historical patterns indicate that trader profit margins stretch and selling pressure can increase, creating a natural pause rather than a reversal.

Institutional ownership moderates extremes

CryptoQuant CEO Ki Young Ju noted that growing institutional ownership is flattening Bitcoin’s price cycles. Larger market depth and institutional participation are expected to dampen both upside spikes and downside drops.

Market metrics stay supportive

The market‑value‑to‑realized‑value (MVRV) ratio has stayed above its breakeven point of 1 throughout 2026, indicating that the broader investor base remains in aggregate profit. The MVRV also crossed above its 365‑day moving average, a signal that previously marked the end of the 2018 and 2022 bear markets.

Strong inflows into Bitcoin ETFs

U.S. spot Bitcoin ETFs recorded net inflows of $1.7 billion over the first two days of the week, according to Farside Investors. A single‑day inflow of $999 million on Monday was the largest since October 2025, underscoring continued capital interest.