Bitcoin (BTC) is currently trading sideways, showing little momentum in either direction. One key indicator of this uncertainty is the inactivity of large Bitcoin holders. Since March 24, the number of whale wallets holding 1,000 to 10,000 BTC has held steady at 1,991.
This pause in whale activity hints at a broader sentiment of hesitation. Large investors are neither buying the dip nor taking profits. Their stillness suggests that the market could be entering a consolidation phase, waiting for clearer signals before making the next big move.
Whales often set the tone for market direction. Accumulation usually signals optimism, while selling can trigger panic. Right now, the stability in whale wallets shows caution and a possible belief that BTC’s current price reflects fair value.
Ichimoku Cloud Reflects Bitcoin’s Market Uncertainty
The Ichimoku Cloud, a popular technical indicator, is also showing mixed signals. Recently, Bitcoin’s price dropped below the Kijun-sen (red baseline) and failed to sustain a move back into the cloud.
The Tenkan-sen (blue line) has crossed below the Kijun-sen, signaling short-term bearish momentum. Both leading spans of the cloud are flat and thin, pointing to a market lacking conviction.
For now, Bitcoin is hovering just below the cloud, indicating continued indecision. A break above the cloud could mark a return of bullish momentum. But continued rejection may keep Bitcoin trading sideways or even heading lower in the short term.
Can Bitcoin Reach $88,000 This April?
On the Exponential Moving Average (EMA) front, short-term lines are showing signs of recovery. However, longer-term EMAs remain above them, meaning the broader trend is still bearish.
If bullish momentum builds, Bitcoin could test $85,103, with the next resistance levels at $87,489 and $88,855. Standard Chartered even forecasted a move past $88,500 by the weekend.
Supporting this outlook, Bitcoin ETF flows remain strong, with $220 million in inflows on April 2—a positive sign despite market volatility. According to Nic Puckrin, founder of The Coin Bureau, Bitcoin’s recovery above $79,000 with growing volume suggests the bulls aren’t out of the game yet.
Key Levels to Watch if BTC Fails to Rally
However, risks remain. A failure to break resistance could bring BTC back to test support at $81,169. If that level breaks, it could slide below the psychological barrier at $80,000, targeting $79,069 next.
Should selling pressure continue, the final support zone sits around $76,643, where further declines may accelerate.
