Bitcoin (BTC) could be mirroring a bullish setup from 2023, when it surged by more than 50% within weeks after an extended period of consolidation. However, the flagship cryptocurrency now faces strong resistance from the Ichimoku Cloud, which could derail its upward trajectory.
Bitcoin Plunges Following US Trade Tariffs
Earlier today, US President Donald Trump announced reciprocal trade tariffs targeting countries worldwide, triggering a sharp downturn in both global stock and crypto markets. Notably, the US stock market shed over $2 trillion – more than BTC’s entire market capitalization.
Despite the sell-off, all may not be lost for BTC. Crypto trader Merlijn The Trader shared the following chart, suggesting that Bitcoin could be repeating a bullish setup from 2023, when it recorded a 50% surge in just a few weeks. The trader commented:
Bitcoin 2023 vs 2025 — the setup is IDENTICAL. Same structure. Same breakout zone. Last time? $BTC exploded +50% in weeks. This time might be bigger. Buckle up.
However, BTC faces strong resistance around the $88,000 level due to the Ichimoku Cloud. According to an analysis by Titan of Crypto, Bitcoin’s attempt to reverse its downtrend was rejected within this resistance range.
For the uninitiated, the Ichimoku Cloud is a technical indicator that identifies support, resistance, trend direction, and momentum, with the “cloud” acting as a key dynamic barrier – above it signals bullish trends, while below suggests bearish momentum.
Commenting on Bitcoin’s recent price action, crypto analyst The Crypto Express noted that BTC is currently consolidating within a symmetrical triangle pattern. The analyst added:
However, the Ichimoku Cloud remains a key resistance barrier above the current price action. A decisive breakout or breakdown of the pattern is needed to confirm the next directional move. Stay alert for further developments.
Short-Term Holders Sell BTC
In a separate X post, well-known crypto analyst Ali Martinez highlighted that short-term holders offloaded 18,930 BTC following Trump’s bearish tariff announcement. In contrast, recent reports indicate that long-term investors are accumulating BTC at current price levels.
Further, BTC’s March monthly close suggests that its bullish momentum may still be intact. However, it must resist falling below $80,000 to avoid breaking down below the current price range.
Meanwhile, on-chain indicators like Network Value to Transactions suggest that the leading digital asset’s price pullback is likely to continue. At press time, BTC trades at $82,356 on the daily chart, down 5.2% in the past 24 hours.
Featured Image from Unsplash.com, charts from X and TradingView.com
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