Bitcoin has continued to surge in the crypto market, reaching its highest-ever weekly close as it inches closer to its all-time high. The cryptocurrency closed the week at nearly $106,500 on May 18, marking its sixth consecutive weekly gain. This surpasses its previous highest weekly close of $104,400 in December. Bitcoin's current price is just under 3% away from its peak, trading around $104,730 at the time of reporting.

Notably, Bitcoin also achieved its highest-ever daily close on May 18. Investor Scott Melker highlighted this milestone on social media, emphasizing the significance of Bitcoin potentially establishing a new higher high with a daily close above $105,000. Analyst Rekt Capital pointed out that Bitcoin's recent rally mirrors its impressive gains in November when it soared by $30,000 in three of its largest weekly candles.

In May alone, Bitcoin has seen a substantial increase of around $12,000, climbing from $94,000 to over $106,000 before a slight pullback to approximately $105,400. Arete Capital partner "McKenna" noted the return of the Coinbase premium, indicating positive sentiment in the US market. Speculation arose regarding a potential upcoming event or news that could be driving this renewed interest in Bitcoin.

Analyzing Bitcoin's compound annual growth rate (CAGR), analyst Willy Woo highlighted that the metric is gradually declining as the network accumulates more capital. Bitcoin is increasingly viewed as a new macro asset class, with Woo projecting an annual growth rate of around 8% in 15 to 20 years once it reaches equilibrium. Despite the erosion of Bitcoin's CAGR over time, Woo emphasized the cryptocurrency's unparalleled long-term performance compared to other investable assets.

The current bullish momentum in the crypto market has sparked optimism among traders and investors, with many closely monitoring Bitcoin's price movements. As Bitcoin continues to approach its all-time high, the market remains poised for further growth and potential price milestones in the near future.

In conclusion, Bitcoin's recent achievements in terms of weekly and daily closes, combined with its sustained upward trajectory, are indicative of the cryptocurrency's resilience and growing acceptance as a mainstream asset. With ongoing market momentum and positive sentiment surrounding Bitcoin, investors are closely watching for potential developments that could further propel its price to new heights.

Source: https://cointelegraph.com/news/bitcoin-highest-weekly-close-after-largest-daily-candle-close?utm_source=rss_feed&utm_medium=rss%3F&utm_campaign=rss_partner_inbound