Bitcoin continues to face significant resistance at the $85,000 level as major investor accumulation has stabilized after a recent surge. The cryptocurrency's price action suggests uncertain momentum despite temporary gains following the Federal Reserve's latest policy meeting.
The number of Bitcoin whales — addresses holding at least 1,000 Bitcoin — rose to 2,079 by March 18, up from 2,040 on March 5, according to data from analytics platform Glassnode. This marks the highest concentration of large holders since mid-December 2024. The count has slightly decreased to 2,077 in recent days, indicating a cooling in the pace of accumulation among major investors.
This activity from large holders is particularly significant because their substantial positions can exert considerable influence on Bitcoin's price. The recent increase in whale addresses suggests institutional and high-net-worth investors were actively buying during Bitcoin's recent consolidation phase.
"The slight 'Powell pump' we saw in crypto markets after the FOMC meeting has brought Bitcoin back above its 200-day moving average, which is certainly a bullish sign," cryptocurrency analyst Nic Puckrin told BeInCrypto. "Whether it can continue on this trajectory, however, is another question."
Bitcoin price is currently trapped in a narrowing range between resistance at $85,124 and support at $81,187. The cryptocurrency's exponential moving average lines show a lack of clear direction as they move closely together, reflecting the market's indecision.
The price spike that followed the Federal Reserve's Federal Open Market Committee meeting appears to be losing momentum. Market observers note this aligns with broader uncertainties in financial markets.
Puckrin identified key levels to watch in the coming days. "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," he said. "However, there is likely too much uncertainty in markets to provide the necessary support for such a move."
Technical analysis suggests that a breakout above the $85,000 resistance zone could potentially open a path toward $92,920. Further bullish momentum might even push prices toward $96,484, though analysts remain cautious about this possibility given current market conditions.
The downside risk remains equally significant. Failure to maintain support at $81,187 could trigger a decline to $79,955. If selling pressure intensifies, Bitcoin could face additional weakness with potential drops to $76,642 or lower.
Market participants remain particularly focused on Bitcoin's ability to defend current support levels while watching for any signs that major holders might resume their accumulation patterns.