Bitcoin (BTC) has been trading below $90,000 since 03/07/2025, struggling to regain momentum amid changing market sentiment.
Meanwhile, technical indicators like Ichimoku Cloud and EMA lines show a continuing downward trend, although the possibility of a reversal is not excluded.
Bitcoin Whales Just Reached a 3-Month High
The number of Bitcoin whales—wallets holding at least 1,000 BTC—has been steadily increasing in recent weeks. On 03/22/2025, there were 1,980 such addresses, which increased to 1,991.
Although the change of 11 addresses may seem modest at first, it represents a significant increase in large-scale accumulation, especially as this is the highest number of BTC whales recorded in over three months.
Bitcoin Whales. Source: Santiment.Tracking Bitcoin whales is crucial because these large holders often have the ability to influence price volatility due to their position size. The increase in whale addresses may signal growing confidence among high-net-worth individual and institutional investors.
When more whales accumulate rather than distribute, this often indicates an optimistic sentiment and reduced selling pressure.
With the current number of whales reaching a multi-month high, this could imply that large investors are positioning themselves before a potential Bitcoin price increase.
BTC Ichimoku Cloud Shows Upcoming Challenges
The Ichimoku Cloud chart for Bitcoin shows prices consolidating just below the Kijun-sen (red line) after a significant drop.
The Tenkan-sen (green line) remains below the Kijun-sen, indicating short-term downward momentum. Price action is attempting to stabilize but has not yet shown a clear trend change.
The Lagging Span (green line) is below both price and the cloud, reinforcing the downward outlook from a historical perspective.
BTC Ichimoku Cloud. Source: TradingView.The upcoming Kumo (cloud) is bearish, with Senkou Span A (green cloud border) below Senkou Span B (red cloud border), and the cloud itself pointing downward.
This indicates overhead resistance and limited upward momentum unless price can decisively break through the cloud.
The current thin cloud structure, however, suggests potential vulnerability—if buyers step in strongly, there could be a reversal opportunity.
But currently, the overall structure recommends caution, as the current trend remains downward according to Ichimoku principles.
Can Bitcoin Rise to Test $88,000 Soon?
Bitcoin's EMA lines continue to indicate a downward trend, with short-term moving averages below long-term averages. This arrangement suggests current downward momentum remains dominant.
However, if buyers can regain control and establish an upward trend, Bitcoin price could climb to the next important resistance levels.
The first challenge will be resistance near $85,124—if surpassed, this could pave the way to $87,482 and potentially $88,839, assuming strong and sustained upward momentum.
BTC Price Analysis. Source: TradingView.Conversely, if upward momentum cannot be built, this will reinforce the current downward structure.
In that case, Bitcoin might return to support around $81,187.
A break below this point would further confirm the downward trend, potentially pushing prices down to $79,955.
