Bitcoin has achieved its highest weekly close on record as bullish momentum across the crypto market continues, with the asset now approaching its all-time high once again.

Bitcoin has recorded weekly gains for six consecutive weeks, with its latest close — just before midnight UTC on May 18 — marking a new record, coming in just under $106,500, according to TradingView.

The previous highest weekly close occurred in December at $104,400, followed by an all-time high of $109,358 on Jan. 20, based on TradingView data.

At the time of writing, Bitcoin was trading around $104,730, up 2% over the past 24 hours and less than 3% away from its record peak.

In addition to its weekly milestone, Bitcoin also marked its highest-ever 24-hour closing price on May 18, although this didn’t reflect the largest single-day gain for the cryptocurrency.

“Bitcoin just had its highest daily candle close... ever,” investor Scott Melker posted to X on May 19.

With a daily close surpassing $105,000, “Bitcoin will develop a brand new higher high,” analyst Rekt Capital added.

Bitcoin’s recent streak of weekly gains resembles its performance in November, when it surged by $30,000 across three of its most significant weekly candles.

So far in May, Bitcoin has risen by approximately $12,000, moving from $94,000 to above $106,000 before dipping slightly to around $105,400.

Arete Capital partner “McKenna” also noted the return of the Coinbase premium — a metric comparing BTC/USD on Coinbase with BTC/USDT on Binance, often interpreted as an indicator of U.S. investor sentiment.

“The strength of this bid on a Sunday night feels strange,” they commented, suggesting that “it’s possible someone knows some important news dropping next week."

On May 18, analyst Willy Woo addressed Bitcoin’s compound annual growth rate (CAGR), pointing out that the metric is trending lower as the network increasingly becomes a store of capital.

“BTC is now traded as the newest macro asset in 150 years, it'll continue to absorb capital until it reaches its equilibrium,” he said.

Woo compared Bitcoin’s potential future growth to long-term monetary expansion of 5% and GDP growth of 3%, predicting that the asset’s annual growth rate could stabilize around 8% in the next 15 to 20 years.

“Until then, enjoy the ride because almost no publicly investable product can match BTC performance long term, even as BTC's CAGR continues to erode.”

Sources:

https://cointelegraph.com/news/bitcoin-highest-weekly-close-after-largest-daily-candle-close

https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE

https://x.com/Crypto_McKenna/status/1924254226189881605

https://x.com/scottmelker/status/1924253802766463357

https://x.com/rektcapital/status/1924139400390115614

https://x.com/woonomic/status/1924035000703283310