Bitcoin Smashes $106K Weekly Close as Bulls Take the Wheel

Market euphoria hits fever pitch as BTC notches its highest-ever weekly close—traders are either printing gains or desperately FOMO-ing in.

Wall Street analysts scramble to update price targets while quietly seething about decentralized assets outpacing their precious ETFs.

This isn’t just a rally—it’s a middle finger to traditional finance. Again.

• Bitcoin closes the week near $106,500, its highest-ever weekly finish and sixth consecutive positive close.
• Analysts highlight growing bullish momentum and a resurgence of the Coinbase premium, signaling strong U.S. market demand.
• Long-term projections suggest Bitcoin’s annual growth may stabilize around 8%, still outpacing traditional economic indicators.

Bitcoin has once again captured headlines by securing its highest-ever weekly closing price, signaling a robust continuation of momentum across the cryptocurrency market. As of the weekly close at midnight UTC on May 18, BTC nearly touched the $106,500 mark, representing a milestone not seen before in its trading history, according to data from TradingView.

This marks the sixth consecutive week that BTC has closed in positive territory, a streak that underscores strong investor confidence and renewed bullish sentiment. The previous record for BTC’s highest weekly close was set in December 2024, when the digital asset ended the week at approximately $104,400. Since then, BTC briefly surpassed this level on January 20, reaching its all-time high price of $109,358 before retracing.

Currently, Bitcoin is trading just under 3% below that peak, with a 24-hour drop of around 0.34%, pushing its price to roughly $103,083 at the time of this report. Notably, May 18 also marked Bitcoin’s highest daily closing price ever recorded, though this wasn’t its largest daily price jump.

Investor and trader Scott Melker took to X (formerly Twitter) to highlight the significance of Bitcoin’s daily performance: “Bitcoin just had its highest daily candle close… ever.” Market analyst Rekt Capital echoed this bullish outlook, noting, “With a daily close above $105,000, BTC is set to develop a brand new higher high,” suggesting the path ahead could lead to fresh price records.

Bitcoin just had its highest daily candle close… ever. pic.twitter.com/6qGKYx8VwA

Bitcoin Mirrors Explosive November 2024 Gains

The current rally mirrors Bitcoin’s explosive gains seen in November 2024, when the cryptocurrency surged approximately $30,000 over three of its most substantial weekly candle closes in history. So far this May, BTC has rallied about $12,000, climbing from around $94,000 to above $106,000 before settling NEAR $105,400.

Adding to the market intrigue, Arete Capital partner “McKenna” pointed out the resurgence of the so-called Coinbase premium, a metric that compares BTC’s price on Coinbase’s BTC/USD pair against Binance’s BTC/USDT trading pair. This premium often reflects US market sentiment. “The strength of this bid on a Sunday night feels strange,” McKenna commented, hinting that the market might be pricing in significant news expected next week.

From a macro perspective, analyst Willy Woo offered a DEEP dive into Bitcoin’s long-term growth trajectory. He noted that Bitcoin’s compound annual growth rate (CAGR) is gradually trending downward as the network matures and absorbs more capital. “BTC is now being traded as the newest macro asset in 150 years,” Woo explained. “It will continue to attract capital until it reaches equilibrium.”

People think BTC is like a magical unicorn that climbs to infinity on moonbeams. Here’s the actual CAGR chart. We are well past the 2017 year where we’d see many 100s of percent growth.

Now look at 2020, that was the year BTC got institutionalised, corporations and sovereigns… pic.twitter.com/hcGAGZXkU5

Comparing Bitcoin’s expected long-term growth to traditional economic indicators, Woo estimated Bitcoin’s annual growth rate will stabilize around 8% in the next 15 to 20 years, outpacing historical monetary expansion rates of 5% and GDP growth of roughly 3%. “Until then, enjoy the ride,” Woo concluded, “because few publicly investable assets can match Bitcoin’s long-term performance, even as its CAGR gradually declines.”

As BTC approaches its previous all-time highs and the crypto market’s bullish energy intensifies, investors are watching closely. Whether this momentum can propel BTC beyond its record peak remains to be seen, but current trends point to an exciting chapter ahead in the cryptocurrency saga.

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