Bitcoin price just rejoiced at breaking the key resistance level of $87,000. This follows three rejections over the past five months at the 200-day Exponential Moving Average (EMA) at $85,000 since its peak on April 13. The $87,000 resistance level was an immense hurdle for Bitcoin’s price. Last week, the second largest cryptocurrency in the world, ETH, received several rejections as it attempted to breach this resistance line. This breakout acts as a momentum reversal indicator and forecasts a run deeper into the upward trend.

Overcoming EMA Resistance

Since April 13, Bitcoin's price has been fluctuating around the 200-day EMA, a key technical indicator used to analyze price trends. As seen in many trends, BTC price tends to form bounces at the 200-day EMA which is considered a big level of support and resistance.

Bitcoin struggled with several rejections at its 200-day EMA which is just above $85,000. The cryptocurrency had a hard time establishing a firm upward trend line.

These rejections were a signal that we entered a time of uncertainty and consolidation in the market.

Breaking the $87,000 Barrier

The beginning of this week saw the price of Bitcoin break through the major resistance at $87,000. This innovative move represents a big step forward for the popular cryptocurrency. This breakout indicates a return in buying confidence and an overall change in market sentiment.

Bitcoin’s price encountered significant resistance at the $87,000 resistance barrier. Last week, the largest cryptocurrency faced three rejected attempts at crossing this critical line in the sand. The rejections near the $87,000 mark indicated a lack of bullish strength in Bitcoin’s price.

This action may also open the door for more substantial wins in the short-term.

Upward Trend and Future Outlook

Since overcoming that significant barrier at $87,000, Bitcoin price has been in an uptrend showing bullish market strength. With Bitcoin-backed investments, traders rejoice over the dramatic increase in demand for the cryptocurrency. This rapid increase is indicative of its growing adoption, use, and increasing popularity.

Bitcoin price is likely to make breakout upward move into $40s. This upward trend is largely due to the rising institutional demand for Bitcoin.

These are indications of a strong demand for Bitcoin, which is a reflection of Bitcoin’s increasing adoption and growing popularity.