Bitcoin Keeps Rising: May 2026
now above the weekly 21 EMA on all major exchanges.
The crypto market still has “neutral” sentiment, as we get a weekly close above the 21 Week EMA on CME.
It looks like BTC wants to test the green 55 EMA (currently $86K and falling). This can happen pretty quickly and wouldn’t surprise me if it happened this week or early next week. “Will we close above it?”, is the question.
All higher term timeframes are bearish, so my bias is still to the downside. Meaning my expectation is BTC turning back down eventually: maybe at the green 55 EMA.
if would take 2-3 weekly closes above the green 55 EMA to convince me the bulls have taken back over.
It’s interesting to watch traditional markets making new all-time highs, and Bitcoin getting 6 green weekly candles, during wartime. At best, you could describe the situation in the middle east as “unstable”.
Will everyone begin buying risk assets before this conflict is resolved? It’s hard to imagine crypto breaking out until things calm down a bit.
A bit of a paradox at the moment, because it seems this latest run for Bitcoin is mainly due to Iran. With all the sanctions and restrictions being put on the government, they have resorted to crypto.