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.

The XRP community is concerned about the network’s utility as its DEX trading volumes and TVL remain extremely low. Despite XRP’s impressive $137 billion market cap, the network recorded only $44,000 in daily DEX trading volume yesterday, raising questions about its overall utility and adoption.

When compared to leading blockchain networks, the XRP ledger suffers from a shortage of nodes, validators, and smart contract token holdings. This discrepancy highlights a clear misalignment between the altcoin’s market valuation and the practical usability of its blockchain network.

XRP Ledger Reflects Massive Issues

Since Donald Trump’s re-election in November 2024, XRP has become one of the most trending crypto assets in the market. Under the SEC’s pro-crypto regulatory shift, XRP has surged nearly 300% in the past four months, and become the 4th largest asset in the market.

Most notably, the SEC dropped its long-running lawsuit against Ripple, sparking hope that the token could reach an all-time high. Despite all of these positive developments, the XRP Ledger has shown little to no improvement in trading activity.

“I think XRP is the biggest financial scam the world has ever seen. There has never been something which has produced less value that has reached this market cap ($140 billion). The XRP ledger did $44,000 in volume in the last 24 hours, according to DefiLlama,” on-chain researcher Aylo claimed on X.

One look at DefiLlama’s data reveals the problem. So far, the network’s volume in March was a measly $1.5 million, and its TVL is $80 million. In other words, there’s practically zero utility for its size.

This trade volume and TVL data is an important window into the state of XRP, but there are other vital clues. For example, according to its own website, XRP currently has 386 nodes and 96 validators.

Compare this to other leading assets, Bitcoin has nearly 22,000 nodes, Ethereum has 11,000, and Solana has 4,700.

In other words, general crypto traders don’t seem to be interested in the network’s utility. It’s a concerning indication that the majority of the community considers XRP primarily as a speculative asset.

However, there is a counter perspective that the XRP community needs to consider. While XRPL DEX volume remains modest, Ripple continues to establish itself as a key infrastructure provider for global banking institutions.

Ripple’s technology streamlines cross-border payments by reducing settlement times and lowering costs, attracting leading banks and financial service providers worldwide. This strong institutional focus drives interest in XRP, as it supports efficient liquidity management.

In this context, XRP’s value proposition extends beyond conventional crypto trading. It plays a larger strategic role in modernizing global financial transactions and bridging traditional finance with emerging digital payment solutions.

So, XRPL’s low trading volume is concerning, but there is a good reason why it doesn’t align with the altcoin’s valuation.

Coinbase is reportedly in talks to acquire Deribit, but nothing is certain yet. If the deal goes through, it could turn Coinbase into a “crypto empire,” thanks to the lucrative derivatives market.

Last year, Deribit posted nearly $1.2 trillion in options, futures, and spot trading. Coinbase has comparatively little derivatives volume, and this merger could supercharge the firm.

Will Coinbase Acquire Deribit

Coinbase, one of the world’s largest crypto exchanges, has gone through a few changes recently. Since the SEC dropped its lawsuit against the company, it’s been able to expand its services. According to a new report from Bloomberg, Coinbase is currently in talks to acquire Deribit.

Deribit is the world’s largest crypto derivatives exchange, an industry sector that isn’t Coinbase’s strong suit. The firm first filed to offer these services in 2021, but Coinbase Derivatives hasn’t been a huge share of its trade volume. Granted, it sought approval for new futures contracts in January, but this is not a primary source of revenue.

However, since the crypto market has suffered from lasting doldrums, there may be an opportunity for future growth. Earlier this month, Coinbase traffic dropped 29%, and a Deribit acquisition may give it huge new revenue streams. Bloomberg claimed that Deribit’s total trade volume last year was nearly $1.2 trillion, which could be a huge asset:

“Anyone else notice how Coinbase is quietly becoming a crypto empire? They’re about to buy Deribit – one of the biggest crypto derivatives exchanges out there. They’re turning into a global powerhouse. Smart move targeting derivatives – that’s where the real volume is,” Zach Humphries claimed in a social media post.

The report had no clear stance on how likely a deal between Coinbase and Deribit might be nor how much it might cost. In January, Deribit considered an offer to get acquired by Kraken for $5 billion, but the deal fell through. If Coinbase pulled the trigger on it, it could become one of the most important business deals in crypto history.

Until we have more information, it’s difficult to make any firm statements about likely outcomes. For example, Deribit was forced out of one of its largest markets last month due to EU sanctions, but a Coinbase acquisition may not change that equation. If a deal does happen, Coinbase will have a real chance to dominate a very lucrative market.