Bitcoin Logs Highest Weekly Close Ever, Inches Closer to All-Time High

Bitcoin has achieved its highest-ever weekly close, signaling sustained bullish momentum in the cryptocurrency market. According to data from Coingecko, BTC closed just under $106,500 on May 18 (midnight UTC), surpassing its previous record weekly close of $104,400 set in December. The digital asset now sits less than 3% away from its all-time high of $109,358, reached on January 20. The rally marks the sixth consecutive week of gains for BTC, and the trend suggests strong investor confidence. The move also secured the cryptocurrency’s highest daily candle close ever, with analysts pointing to the potential for a “new higher high” if daily closes continue above $105,000. Sustained Rally Analyst Rekt Capital noted the importance of the $105,000 level, noting that a daily close above that would signal a breakout into uncharted territory. Notably, since reaching a local top, the largest cryptocurrency has slightly dropped in value. Bitcoin is currently trading around $102,600 at the time of writing. Investor Scott Melker posted on X that BTC’s recent daily close was the highest in its history, reinforcing the growing bullish sentiment. Bitcoin’s six-week rally has drawn comparisons to its powerful surge in November, when it added $30,000 in just three of its largest weekly candles. In May so far, the cryptocurrency has climbed approximately $12,000—rising from around $94,000 to over $106,000 before pulling back slightly. Meanwhile, Arete Capital’s partner known as “McKenna” noted the reappearance of the “Coinbase premium,” a metric used to gauge U.S. investor sentiment by comparing Bitcoin prices on Coinbase and Binance. McKenna said the strength of the market’s bid, particularly on a quiet Sunday night, felt unusual—hinting that traders might be positioning themselves ahead of a major event or announcement in the coming week . Bitcoin Long-Term Growth Slowing Despite the short-term excitement, some analysts are taking a broader view. On May 18, market commentator Willy Woo highlighted that Bitcoin’s compound annual growth rate (CAGR) is trending downward—a natural sign of maturation. As Bitcoin absorbs more capital and evolves into a macro asset , Woo expects the annual growth rate to stabilize around 8% in the next 15 to 20 years. He noted that while the days of exponential growth may be cooling, BTC still outperforms most publicly investable products in the long term. “Until then,” Woo wrote, “enjoy the ride.” The post Bitcoin Logs Highest Weekly Close Ever, Inches Closer to All-Time High appeared first on TheCoinrise.com .

Source: The Coin Rise