Bitcoin Consolidates as Whale Interest Wanes and Trends Stabilise

Bitcoin (BTC) has been trading in a narrow range of $83,000 to $86,000, reflecting indecision. Whale wallets are decreasing slightly, with the number falling from 2,015 to 2,010, indicating potential fading confidence among large holders. The Ichimoku Cloud suggests weak bullish momentum, while flat EMA lines signal uncertainty in price action. Key support at $83,583 could lead to a corrective move, whereas regaining control may lift BTC towards higher resistance levels.

Bitcoin (BTC) has maintained a stable trading range between $83,000 and $86,000 for the past five days, indicating indecision within price action and momentum indicators. With signs of whale wallet declines, on-chain data still indicate notable interest from substantial holders, marking a consolidation phase with weak EMA signals and mixed readings from Ichimoku charts.

The count of Bitcoin whales, defined as wallets holding between 1,000 and 10,000 BTC, has slightly decreased from 2,015 on April 14 to 2,010 by April 16. This decline follows a peak not seen since May 2024, suggesting a shift in sentiment among large holders. Whale behavioural movements can be precursors to market trends, making this minor drop significant as it may indicate profit-taking or risk aversion.

Current Ichimoku Cloud analysis reveals consolidation with Bitcoin trading near stable Tenkan-sen and Kijun-sen lines. This configuration shows a lack of short-term momentum, and while the Kumo cloud appears bullish, the narrow distance between the Senkou Span A and B suggests weak bullish strength without a breakout above recent highs, indicating an indecisive trend.

Bitcoin’s EMA lines remain flat, reflecting ongoing uncertainty. Should the price test the support at $83,583 and fail, a sharper correction towards $81,177 could occur. A breakdown below this level might push prices under $80,000, aiming for $79,890. Conversely, a recovery led by bulls could see Bitcoin reaching resistance at $86,092, paving the way for further targets of $88,804 and potentially $92,817, rekindling interest among both retail and institutional investors.