Bitcoin has achieved a historic milestone, marking its highest-ever weekly close just below $106,500 as of midnight UTC on May 18. This record-breaking performance comes amid sustained bullish momentum in the crypto market, with Bitcoin now trading within 3% of its all-time high of $109,358 set in January 2025. At the time of writing, BTC is hovering around $104,730, reflecting a 2% gain over the past 24 hours.
This latest weekly close surpasses the previous high of $104,400 recorded in December 2024 and underscores the resilience and growing institutional confidence in Bitcoin as a macro asset. For six consecutive weeks, Bitcoin has posted positive weekly gains—a trend last seen in November when the asset surged by $30,000 across some of its largest weekly candles in history.
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A Historic Daily and Weekly Performance
May 18 wasn’t just significant for its weekly close—Bitcoin also closed at its highest daily price ever, surpassing $105,000 for the first time. While this wasn’t the largest single-day percentage gain in Bitcoin’s history, the psychological and technical implications are profound.
“Bitcoin just had its highest daily candle close… ever,” noted veteran investor Scott Melker in a widely shared post on X. Analyst Rekt Capital added that a daily close above $105,000 could pave the way for “a brand new higher high,” reinforcing the idea that Bitcoin is entering a new phase of price discovery.
The current price action mirrors previous bull runs, particularly the explosive growth seen in late 2024. In May alone, Bitcoin has added approximately $12,000 in value, climbing from $94,000 to over $106,000 before a minor pullback to $105,400. This upward trajectory is supported by strong on-chain fundamentals and increasing market participation.
Market Sentiment and Institutional Interest
Market sentiment appears increasingly bullish, with signs pointing to growing institutional adoption. Arete Capital partner McKenna highlighted the return of the Coinbase premium—a metric that compares the BTC/USD price on Coinbase to the BTC/USDT pair on Binance. A widening premium often reflects stronger demand from U.S.-based investors and can signal confidence in regulatory clarity and market stability.
“The strength of this bid on a Sunday night feels strange,” McKenna observed, speculating that “it’s possible someone knows some important news dropping next week.” While no official announcements have been confirmed, such anomalies often precede major macroeconomic events or regulatory developments.
Bitcoin’s Long-Term Growth Trajectory
Despite the current euphoria, analysts are also taking a step back to assess Bitcoin’s long-term sustainability. On May 18, on-chain analyst Willy Woo examined Bitcoin’s compound annual growth rate (CAGR), noting a gradual decline as the network absorbs more capital.
“BTC is now traded as the newest macro asset in 150 years,” Woo stated. “It’ll continue to absorb capital until it reaches its equilibrium.” Drawing parallels with historical monetary expansion (around 5%) and GDP growth (approximately 3%), Woo projects that Bitcoin’s annualized growth rate will stabilize at around 8% over 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.”
This perspective offers a balanced view: while short-term volatility remains high, Bitcoin’s long-term value proposition as a decentralized store of value continues to strengthen.
Key Drivers Behind the Rally
Several factors are contributing to Bitcoin’s sustained rally:
- Institutional Adoption: Companies like Figma have recently disclosed Bitcoin ETF holdings in their IPO filings, signaling growing corporate confidence.
- Regulatory Clarity: Progress in U.S. crypto legislation has reduced uncertainty, encouraging more traditional investors to enter the market.
- Macroeconomic Conditions: With inflation concerns persisting and central banks maintaining accommodative policies, many investors view Bitcoin as a hedge against currency devaluation.
- Technical Momentum: The repeated weekly closes above key resistance levels have triggered algorithmic buying and forced short squeezes, further fueling upward movement.
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Frequently Asked Questions (FAQ)
Q: What was Bitcoin’s highest weekly close?
A: Bitcoin’s highest weekly close was just below $106,500, recorded on May 18, 2025.
Q: Is Bitcoin close to its all-time high?
A: Yes, Bitcoin is currently less than 3% away from its all-time high of $109,358 reached in January 2025.
Q: What is the Coinbase premium and why does it matter?
A: The Coinbase premium measures the price difference between BTC/USD on Coinbase and BTC/USDT on Binance. A rising premium often indicates strong demand from U.S. investors and positive market sentiment.
Q: What is Bitcoin’s projected long-term growth rate?
A: Analyst Willy Woo estimates that Bitcoin’s annual growth rate will stabilize around 8% over the next 15–20 years as it matures into a macro asset.
Q: Did Bitcoin close above $105,000?
A: Yes, Bitcoin posted its highest-ever daily close above $105,000 on May 18, reinforcing bullish momentum.
Q: How much has Bitcoin gained in May 2025?
A: Bitcoin has gained approximately $12,000 in May 2025, rising from $94,000 to over $106,000.
Looking Ahead: What’s Next for Bitcoin?
With technical indicators favoring continued upside and institutional interest on the rise, many analysts believe new all-time highs are imminent. Some projections suggest Bitcoin could reach $116,000 in the coming weeks, while firms like Standard Chartered forecast a potential climb to $135,000 by Q3 2025.
However, investors should remain cautious. Profit-taking at key resistance levels—such as $140,000—could trigger short-term volatility. According to on-chain data from Glassnode, a “super-majority” of Bitcoin holders are currently sitting on unrealized profits totaling over $1.2 trillion, which may influence selling pressure during pullbacks.
Ultimately, Bitcoin’s journey reflects more than just price movement—it represents a shift in how value is stored and transferred globally. As adoption grows and infrastructure matures, BTC continues to solidify its role as a foundational digital asset.
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