Bitcoin Records Highest Weekly Close After Largest Daily Candle Close: Momentum Builds as BTC Nears All-Time High

Bitcoin (BTC) has once again demonstrated its resilience and bullish momentum by achieving its highest-ever weekly close, signaling a strong continuation of the current crypto market rally. On May 18, 2025, Bitcoin closed just below $106,500 at midnight UTC, marking a historic weekly close according to TradingView data. This milestone comes amid a series of positive technical signals and growing investor optimism, as Bitcoin edges closer to its all-time high.

A Historic Six-Week Winning Streak

Bitcoin has now posted weekly gains for six consecutive weeks, a feat that echoes some of the strongest bullish phases in its history. The latest weekly close at nearly $106,500 surpasses the previous record set in December 2024, when Bitcoin closed at $104,400. Following that December close, Bitcoin surged to its all-time high (ATH) of $109,358 on January 20, 2025.

Currently, Bitcoin trades around $104,730, representing a 2% gain over the past 24 hours and placing it less than 3% away from its ATH. This proximity to the peak price has reignited hopes among traders and investors that a new cycle of record highs may be imminent.

Largest Daily Candle Close Ever

In addition to the weekly close record, Bitcoin also posted its highest-ever daily candle close on May 18. While this does not represent the largest daily price gain in Bitcoin’s history, the size and strength of the daily candle close are notable indicators of robust buying pressure.

Investor and trader Scott Melker highlighted this milestone on X (formerly Twitter), noting, “Bitcoin just had its highest daily candle close… ever.” This kind of decisive daily close is often interpreted as a strong confirmation of bullish momentum.

Analyst Rekt Capital echoed this sentiment, stating that with a daily close above $105,000, “Bitcoin will develop a brand new higher high,” suggesting that Bitcoin is poised to break beyond previous resistance levels and establish new price records.

Parallels to November’s Historic Rally

Bitcoin’s current six-week winning streak mirrors the momentum seen in November 2024, when BTC added approximately $30,000 in three of its largest weekly candles ever. This comparison fuels optimism that Bitcoin could replicate or even surpass that explosive rally.

So far in May 2025, Bitcoin has gained around $12,000, climbing from roughly $94,000 to over $106,000 before a mild pullback to around $105,400. This steady ascent reflects sustained buying interest and growing confidence in Bitcoin’s long-term potential.

Market Sentiment and Coinbase Premium

Arete Capital partner “McKenna” pointed to the return of the Coinbase premium as a key sentiment indicator. The Coinbase premium measures the difference between the BTC/USD trading pair on Coinbase and the BTC/USDT pair on Binance, serving as a proxy for U.S. retail and institutional demand.

McKenna remarked, “The strength of this bid on a Sunday night feels strange,” hinting at the possibility that “someone knows some important news dropping next week.” Such subtle market signals often precede significant price movements, adding intrigue to the current rally.

Bitcoin’s Compound Annual Growth Rate (CAGR) and Long-Term Outlook

Analyst Willy Woo provided a broader perspective on Bitcoin’s growth trajectory, analyzing its compound annual growth rate (CAGR). Woo noted that Bitcoin’s CAGR is trending downward as the network matures and absorbs more capital, a natural evolution for any asset entering mainstream adoption.

He explained, “BTC is now traded as the newest macro asset in 150 years, it’ll continue to absorb capital until it reaches its equilibrium.” Comparing Bitcoin’s growth to traditional economic indicators, Woo estimated that Bitcoin’s annual growth rate will settle around 8% in 15 to 20 years, aligning with long-term monetary expansion rates of about 5% and GDP growth near 3%.

Despite this moderation, Woo emphasized Bitcoin’s exceptional performance relative to other publicly investable products, stating, “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.”

What’s Next for Bitcoin?

With Bitcoin’s price hovering near all-time highs and supported by record weekly and daily closes, the market is at a critical juncture. Key factors to watch include:

• Breaking Above ATH: A sustained break above $109,358 could trigger a new wave of buying and propel Bitcoin to unprecedented levels.

• Institutional Inflows: Continued inflows from institutional investors, including spot Bitcoin ETFs, will be crucial in maintaining upward momentum.

• Macro Environment: Global economic conditions, including inflation data, interest rate policies, and geopolitical developments, will influence investor sentiment.

• Technical Support: Maintaining support above key moving averages, such as the 50-day and 200-day EMAs, will be vital for sustaining the bullish trend.

Conclusion

Bitcoin’s highest-ever weekly close and record daily candle close mark significant milestones in its ongoing bull run. The cryptocurrency is demonstrating strong momentum as it nears all-time highs, backed by healthy market sentiment and growing institutional interest.

While challenges and volatility remain inherent to crypto markets, Bitcoin’s performance in recent weeks suggests a robust foundation for further gains. Investors and traders should remain vigilant but optimistic as Bitcoin charts a path toward new price frontiers.