Bitcoin (BTC) has been trading below $90,000 since March 7, struggling to regain momentum. Market sentiment remains uncertain, and technical indicators suggest a bearish trend—though a potential rebound is still possible.
Bitcoin Whale Addresses Reach 3-Month High
The number of Bitcoin whales—wallets holding at least 1,000 BTC—has been rising. On March 22, there were 1,980 such addresses, but that number has climbed to 1,991 in recent days.
This may seem like a small increase, but it marks the highest whale count in over three months. Whale accumulation often signals growing confidence among institutional investors. When large holders buy instead of sell, it reduces selling pressure and can indicate bullish sentiment.
If this trend continues, Bitcoin could be gearing up for a potential breakout in the coming weeks.
Ichimoku Cloud Shows Bitcoin Facing Resistance
Bitcoin’s Ichimoku Cloud chart highlights bearish momentum. The Kijun-sen (red line) is acting as resistance, while the Tenkan-sen (blue line) remains below it—both signs of a downtrend.
The Lagging Span (green line) is also trailing behind the price and the cloud, reinforcing a bearish outlook.
However, the Ichimoku Cloud is thin, which suggests potential vulnerability. If buyers step in with strength, Bitcoin could break through resistance and shift momentum upward.
Can Bitcoin Rebound to $88,000?
Bitcoin’s Exponential Moving Averages (EMA) still indicate a downtrend, with short-term averages positioned below long-term ones.
For Bitcoin to turn bullish, it must break through key resistance levels:
- $85,124 – First major hurdle
- $87,482 – Next resistance
- $88,839 – Potential breakout target
If bullish momentum fails, Bitcoin could fall back to support levels:
- $81,187 – First support
- $79,955 – Deeper downside risk
With whale accumulation increasing, traders are closely watching whether Bitcoin can reverse its downtrend and challenge resistance in the coming days.
