When contrast agents are injected in a fluid, it is implicitly assumed that they move at the same velocity as the fluid itself. However, a series of in vitro tests performed by using air-filled microbubbles suspended in distilled water, have shown that the Doppler spectrum generated in this case may be notably different from that obtained from non-resonating scatterers. In this paper, we show, through a simple simulation model, that the actual movement of microbubbles may be predicted as the result of the complex balance between two forces: the ultrasound radiation force, which tends to move the particles along the sound beam direction, and the fluid drag force, which tends to move the particles along the fluid stream. The contrast agents turn out to be displaced only during the passage of the ultrasound burst; during the remaining time, they are maintained at the fluid velocity by the drag force. Based on the total particle displacement estimated between consecutive pulses, a series of Doppler spectra corresponding to different intensity levels was computed. This series was shown to be in excellent agreement with the experimental spectra obtained in vitro using Levovist (Schering AG, Berlin, Germany) particles suspended in distilled water flowing at a steady rate.