Bitcoin (BTC) has been trading below the $90,000 threshold since March 7, facing challenges in regaining upward traction amidst changing market sentiment.
At the same time, technical signals like the Ichimoku Cloud and EMA indicators suggest the trend continues to be bearish, although a potential pivot is still a possibility.
Bitcoin Whales Have Reached Their Highest Number In Over 3 Months
The quantity of Bitcoin whales—wallets that contain at least 1,000 BTC—has been gradually increasing over the past few weeks. As of March 22, there were 1,980 such wallets, which has since risen to 1,991.
Although an increase of 11 may appear insignificant at first glance, it reflects a notable rise in large-scale accumulation, particularly since this represents the highest tally of BTC whales observed in more than three months.
Monitoring Bitcoin whales is essential as these substantial holders often possess the capacity to sway price fluctuations due to the magnitude of their holdings. An uptick in whale addresses can indicate growing confidence among institutional investors and affluent individuals.
When an increasing number of whales are accumulating rather than offloading, it usually points to bullish sentiment and diminished selling pressure.
With the current whale count reaching a multi-month peak, this may suggest that significant stakeholders are positioning themselves in anticipation of a possible upward shift in Bitcoin’s price.
BTC Ichimoku Cloud Indicates Challenges Ahead
The Ichimoku Cloud chart for Bitcoin illustrates the price consolidating just beneath the Kijun-sen (red line) following a substantial downward trend.
The Tenkan-sen (blue line) remains under the Kijun-sen, signifying short-term bearish momentum. Price action is attempting to stabilize but has not yet demonstrated a decisive change in trend.
The Lagging Span (green line) lags behind both the price and the cloud, further reinforcing a bearish perspective from a historical standpoint.
The Kumo (cloud) ahead is bearish, with the Senkou Span A (green cloud boundary) located below the Senkou Span B (red cloud boundary), and the cloud itself appearing to project downward.
This indicates resistance overhead and limited bullish momentum unless the price manages to decisively breach through the cloud.
The slender structure of the current cloud, however, implies potential vulnerability—if buyers come in with force, there may be an opportunity for a reversal.
But currently, the overall arrangement suggests a cautious approach, as the prevailing trend still favors bearishness according to Ichimoku principles.
Is Bitcoin Ready to Rise and Test $88,000 Soon?
Bitcoin’s EMA lines continue to reflect a downward trend, with short-term moving averages positioned beneath the longer-term ones. This formation implies that bearish momentum remains predominant at this time.
Nonetheless, if buyers are able to regain control and establish an uptrend, Bitcoin’s price may rise towards the next significant resistance levels.
The initial challenge would be resistance around $85,124—if breached, this could pave the way to $87,482 and possibly $88,839, assuming bullish momentum gains strength and persists.
Conversely, a failure to generate upward momentum would reinforce the existing bearish framework.
In such a circumstance, Bitcoin could revisit the support level close to $81,187.
A drop below this level would further validate the downtrend and might pull the price down to $79,955.
Disclaimer
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