Bitcoin Nears ATH After Hitting Record Weekly Close

The flagship digital asset is now within striking distance of its all-time high (ATH), sparking renewed excitement among investors and analysts alike.

Bitcoin Logs Six Consecutive Weekly Gains

Bitcoin has now closed with gains for six straight weeks, capping off the latest weekly session just shy of $106,500, its highest weekly close in history. The close occurred at midnight UTC on May 18th.

The previous record weekly close stood at $104,400, set in December. That bullish wave eventually carried BTC to its current all-time high of $109,358 on January 20th, according to the same data provider.

New Daily Close Record Sets the Stage

In addition to the weekly record, Bitcoin also secured its highest daily close on May 18th. While it wasn’t the largest single-day percentage gain, the significance lies in the sustained price level.

Source: TradingView

Market analyst Rekt Capital also weighed in, noting that a daily close above $105,000 would establish “a brand new higher high,” further supporting bullish momentum.

Bitcoin’s recent six-week surge is also drawing comparisons to its performance in November 2023, when it gained $30,000 across three of its most aggressive weekly candles on record.

So far in May, BTC has added approximately $12,000, climbing from around $94,000 to over $106,000 before a slight pullback to about $105,400. The consistent upward movement has analysts and traders preparing for a possible breakout beyond its January high.

Coinbase Premium Suggests Bullish U.S. Sentiment

One notable market signal has returned: the Coinbase premium. Arete Capital partner, known as “McKenna” online, pointed out that this metric, which compares the price of BTC on Coinbase (USD pair) versus Binance (USDT pair), has once again turned positive.

The return of the Coinbase premium is often interpreted as renewed buying interest from U.S.-based investors, traditionally considered more conservative and institutional in nature.

McKenna said:

“The strength of this bid on a Sunday night feels strange, someone may know about an important announcement coming next week.”

 

Bitcoin Eyes $116K Target

As Bitcoin inches closer to its all-time high, speculation is rising about where it could head next. Some traders are pointing to potential price targets around $116,000 if bullish momentum continues into the coming week.

With institutional inflows, regulatory developments, and macroeconomic factors all in play, the landscape for crypto markets remains highly dynamic.

While price action is front and center, deeper structural shifts in Bitcoin’s growth metrics are also worth noting. Analyst Willy Woo recently discussed Bitcoin’s Compound Annual Growth Rate (CAGR) on May 18th, pointing out a gradual slowdown as more capital flows into the network.

Woo stated:

“BTC is now traded as the newest macro asset in 150 years.”

He likened BTC’s trajectory to long-term global monetary expansion (around 5%) and global GDP growth (around 3%), predicting that Bitcoin’s CAGR will stabilize near 8% over the next 15 to 20 years.

Long-Term Outlook Remains Bullish

Despite the expected cooling in CAGR, Woo remains optimistic about Bitcoin’s long-term performance. He emphasized that almost no publicly investable product can match BTC performance long term, even with a gradual decline in annualized returns.

Source: X (@woonomic)

His message to investors: “Enjoy the ride.” The asset’s historical resilience and ongoing adoption continue to make it a compelling long-term investment, especially as macroeconomic dynamics shift.

With the highest-ever weekly and daily closes now in the books, Bitcoin is on the brink of rewriting its all-time high. The convergence of technical strength, investor sentiment, and institutional interest paints a promising picture for the leading cryptocurrency.

Whether BTC will break past $109,000 in the coming days remains to be seen, but the momentum is clearly building. Traders are watching closely, and any major development, such as regulatory news or ETF inflows, could be the catalyst needed for a new price discovery phase.