Bitcoin (BTC) has faced significant price fluctuations over the past month, remaining below the $90,000 mark since March 7, 2025. Despite this, there are signs of growing interest from institutional investors and high-net-worth individuals, as the number of Bitcoin whales continues to rise. With technical indicators signaling mixed signals and market sentiment shifting, Bitcoin’s price is now at a critical juncture.

Bitcoin Whales Surge to a 3-Month High

The number of Bitcoin whales—wallets holding at least 1,000 BTC—has recently increased, reaching a multi-month high. On March 22, there were 1,980 Bitcoin whale addresses, but by March 30, that number had grown to 1,991. Although this increase of just 11 addresses might seem modest, it marks the highest whale count in over three months, signifying a notable uptick in large-scale accumulation.

Whales are often seen as the key players in Bitcoin’s price movements due to the sheer size of their positions. As a result, the increase in whale accumulation can be interpreted as a bullish signal. More whales buying and holding Bitcoin can indicate that these large investors expect the price to rise in the future and are positioning themselves ahead of an upward move. This shift could reduce selling pressure and lead to higher prices in the long term, especially if buying activity continues to outpace selling.

Technical Indicators Show Mixed Signals

Despite growing whale activity, technical indicators suggest that Bitcoin is still struggling to gain momentum. The Ichimoku Cloud analysis, a tool often used by traders to gauge market sentiment, shows that Bitcoin’s price is consolidating below the Kijun-sen (red line) after a strong downward movement. The Tenkan-sen (blue line) is positioned below the Kijun-sen, reinforcing short-term bearish sentiment.

The cloud structure is also signaling a bearish outlook. The Senkou Span A (green cloud boundary) is below the Senkou Span B (red cloud boundary), creating a bearish Kumo (cloud) setup. The thin nature of the cloud hints that Bitcoin could experience some vulnerability. However, should buyers step in with significant strength, a potential price reversal could take place, breaking through the resistance ahead.

In addition to the Ichimoku Cloud, Bitcoin’s Exponential Moving Averages (EMA) also reflect a downtrend, with short-term averages positioned below long-term ones, further indicating that bearish momentum is still dominant. For Bitcoin to change its direction and turn bullish, the price would need to overcome resistance levels and establish a more stable uptrend.

Price Outlook: Can Bitcoin Test $88,000?

Bitcoin’s immediate resistance lies around the $85,000 level. If buyers can break through this resistance, Bitcoin may be able to test higher levels, with the next targets being $87,482 and $88,839. A clear break above $88,000 could pave the way for a more sustained uptrend, especially if whale accumulation continues to drive demand.

However, if Bitcoin fails to push above the $85,000 resistance, the prevailing bearish structure could persist. In that case, Bitcoin may retest support levels, with the next key support being around $81,187. A further breakdown below this point could confirm the downtrend, pushing Bitcoin toward $79,955, testing the critical support area.

Conclusion

While Bitcoin whales are increasingly accumulating BTC, signaling potential bullish sentiment, the current technical indicators remain bearish. The price action and resistance levels near $85,000 will be key in determining Bitcoin’s next move. Investors should watch closely for any signs of strength in the market, as a failure to reclaim these levels may lead to a further decline, with the price potentially testing lower support levels.