Bitcoin (BTC) is up nearly 5% over ten days and is currently attempting to reclaim the $90,000 level.

The recent uptick in whale activity, combined with strong technical indicators, is fueling optimism about a potential breakout.

Bitcoin (BTC) rose nearly 5% over ten days and is currently attempting to reclaim the $90,000 level. Recent uptick in whale activity combined with strong technical indicators are fueling optimism about a potential breakout.

Tracking the number of so-called "Bitcoin whales"—wallets holding between 1,000 and 10,000 BTC—shows a slight increase from 1,980 on March 22 to 1,991 on March 25, reaching the highest count since December 15.

Although modest, this rise is noteworthy as it indicates a return to accumulation by large holders after more than three months of relative inactivity.

Chart Of Bitcoin Whales. Source: Santiment.

Why Is This Important?

Tracking these whale wallets is crucial because these large players can often move markets; their accumulation or distribution patterns can serve as early signals of broader sentiment shifts or major price moves.

Moreover, whales are typically considered "smart money," and when their numbers rise, it often suggests increased confidence in the market’s near-term outlook.

Despite the growth rate of new whales slowing down in recent days, the fact that their count has reached a multi-month high signals underlying strength. It could imply that institutional or high-net-worth investors are positioning themselves ahead of a potential bullish move, adding weight to Bitcoin's current support levels and possibly paving the way for further upside if momentum continues.

Bitcoin Ichimoku Cloud Is Showing A Good Momentum

Looking at the Ichimoku Cloud chart, Bitcoin price action is comfortably above the cloud itself, which is turning green and rising. This suggests that the bullish trend is still in place and becoming stronger.

The Tenkan-sen (blue) is above the Kijun-sen (red), indicating that short-term bullish momentum is still in play. However, the two lines have started to flatten, suggesting a possible pause or consolidation.

The future cloud (Kumo) is wide and sloping upward, which signals solid underlying support and growing trend strength. Additionally, the Chikou Span (lagging line) is positioned well above past price action, further confirming bullish sentiment.

Overall, while there may be some sideways movement in the short term, the Ichimoku setup continues to favor the bulls unless a breakdown below the cloud shifts the outlook.

Bitcoin Is Showing Golden Cross On EMA Lines

Examining the EMA lines, we can observe that the 30-day EMA is approaching the 100-day EMA, setting the stage for a potential golden cross. This crossover could signal the start of a fresh bullish phase.

If this happens and Bitcoin price manages to break the resistance at $88,807, it could trigger a move toward $92,928.

A strong continuation of the uptrend might then send Bitcoin to test $96,503 and $99,472, with a possible breakout above $100,000 if momentum accelerates.

On the other hand, if Bitcoin fails to break above $88,807 and faces a trend reversal, it could pull back to test the support at $84,736. A break below that level could lead to further downside toward $81,162.

If selling pressure continues, BTC might even revisit $79,970 and $76,644, potentially falling back below the $80,000 mark.