Bitcoin Hits Record Weekly Close, Inches Within 3% of All-Time High

Key Highlights (1-Line Summary)

• Bitcoin closed at a record weekly high just under $106,500, surpassing its previous weekly peak from December.

• The cryptocurrency is now less than 3% below its all-time high of $109,358.

• BTC also marked its highest-ever daily close on May 18, boosting bullish sentiment.

• Analysts point to increasing U.S. demand, with the return of the Coinbase premium suggesting strong institutional interest.

• Despite a slowing CAGR, Bitcoin is expected to outperform most traditional assets long term, according to on-chain experts.

Bitcoin Logs Highest Weekly Close Ever

Bitcoin closed the week ending May 18 with its highest-ever weekly candle, just shy of $106,500, according to TradingView data. The cryptocurrency has now posted six consecutive weeks of gains, with this latest weekly close beating the previous record set in December at $104,400.

BTC's all-time high stands at $109,358, reached on January 20. With the price now hovering around $104,730, Bitcoin is just 2.7% away from retesting its historic peak.

BTC/USD weekly timeframe. Source: TradingView

Daily Record Close Adds Momentum

In addition to its weekly achievement, Bitcoin also posted its highest-ever daily close on May 18—solidifying bullish control despite not recording its largest single-day percentage gain.

“Bitcoin just had its highest daily candle close… ever,” said investor Scott Melker on X.

Crypto analyst Rekt Capital noted that a daily close above $105,000 would mark a new higher high, which could be a critical technical signal for further upside.

So far in May, Bitcoin has gained approximately $12,000, rising from $94,000 to over $106,000 before a slight pullback to $105,400.

Analysts Spot U.S. Premium on Coinbase

Market participants are also pointing to a return of the Coinbase premium, a metric that compares the BTC/USD price on Coinbase with the BTC/USDT pair on Binance.

McKenna, partner at Arete Capital, highlighted the unusual strength of the Sunday night bid, suggesting that "someone knows some important news dropping next week." The premium typically indicates strong U.S.-based buying pressure, often associated with institutional activity.

Bitcoin annualized growth rate. Source: Willy Woo

Long-Term Growth Slows, But Outlook Remains Strong

On-chain analyst Willy Woo offered insights into Bitcoin’s compound annual growth rate (CAGR), noting that it is gradually declining as the network matures and absorbs more capital.

“BTC is now traded as the newest macro asset in 150 years,” Woo said, predicting Bitcoin's CAGR could settle around 8% over the next 15–20 years.

He added that despite the decline, Bitcoin will likely continue to outperform traditional assets over the long term.

Final Thoughts

Bitcoin’s record-setting weekly and daily closes have reignited optimism in the crypto space, with traders now eyeing a potential retest of its all-time high. Combined with bullish technical patterns, strong U.S. buying signals, and a maturing growth outlook, Bitcoin seems poised for another breakout—possibly sooner than expected.