Bitcoin (BTC) sparked higher following the recent FOMC meeting but is now correcting, down nearly 3% in the last 24 hours. The price is struggling below key resistance as short-term momentum weakens.

Technical indicators, including the Ichimoku Cloud and EMA lines, are signaling potential challenges ahead for BTC. Meanwhile, whale activity has stabilized after a sharp accumulation phase, raising questions about whether BTC can reclaim higher levels this month.

BTC Ichimoku Cloud Shows Challenges Are Coming

Bitcoin is currently trading below the Ichimoku Cloud, signaling a bearish trend in the short term. The price has fallen beneath both the Tenkan-sen (blue line) and Kijun-sen (red line), reinforcing the downside pressure.

The cloud ahead is thin and flat, suggesting weak momentum and the possibility of sideways movement or further bearish continuation unless the price reclaims higher levels.

The Lagging Span (green line) is also positioned below the price action and the cloud, confirming the prevailing bearish sentiment. However, the price is approaching the edge of the cloud’s lower boundary, which could act as immediate support.

If buyers fail to defend this zone, bearish momentum could extend further. On the other hand, any pushback above the Tenkan-sen and Kijun-sen could be an early signal of recovery, but the cloud resistance above remains a major hurdle.

Bitcoin Whales Are Now More Stable After A Recent Surge

The number of Bitcoin whales has recently surged, with wallets holding at least 1,000 BTC rising from 2,040 on March 5 to 2,079 by March 18, marking the highest level since mid-December 2024.

While the sharp increase indicates strong accumulation during that period, the count has slightly stabilized at 2,077 over the past few days, suggesting the pace of accumulation has cooled for now.

Monitoring whale activity is crucial because, due to the size of their positions, these large holders can significantly influence Bitcoin’s price. A growing number of whales often signals rising confidence among major investors, which can lead to upward price pressure.

The recent surge in whale addresses may suggest institutional or high-net-worth investors are positioning for a potential price rally or at least seeking to accumulate during perceived dips or consolidation phases, as has been happening with BTC in the last few weeks.

Can Bitcoin Return Above $90,000 In March?

Bitcoin price is currently consolidating between resistance at $85,124 and support at $81,187, with its EMA lines showing a lack of clear direction as they move closely together. The recent price spike following the FOMC meeting appears to be losing steam, aligning with insights from Nic Puckrin, who suggests the rally may be short-lived based on current market conditions:

“The slight “Powell pump” we saw in crypto markets after (…) FOMC meeting has brought Bitcoin back above its 200-day moving average, which is certainly a bullish sign. Whether it can continue on this trajectory, however, is another question. If BTC does continue its current surge, a key resistance level to watch will be around $92,000-$93,000. If it manages to break out above this, we could see it extend the rally toward its previous all-time high. However, there is likely too much uncertainty in markets to provide the necessary support for such a move,” Puckrin told BeInCrypto.

If Bitcoin breaks above the $85,000 resistance zone, it could open the door for a push toward $92,920 or even $96,484 if bullish momentum strengthens.

However, failure to maintain support at $81,187 could trigger a move down to $79,955, with the risk of further downside to $76,642 if sellers gain more control.

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