Bitcoin (BTC) Renews All-Time High Weekly Closing Price… Approaching $106,500

Bitcoin (BTC) continues its rally, recording the highest weekly closing price in history. As of 18th (local time), Bitcoin closed near $106,500 at midnight UTC, breaking the all-time weekly high. This marks the peak of a six-week consecutive weekly rise, surpassing the previous highest weekly closing price of $104,400 recorded in December last year. According to TradingView data, Bitcoin previously reached an all-time high of $109,358 on January 20th. At the current closing price, the price has recovered to within 3% of its peak. At the time of writing, Bitcoin is trading at $104,730, up 2% from the previous day. On May 18th, Bitcoin also set a record for the highest daily closing price. However, it was not the largest single-day percentage increase. Market analyst Scott Melker noted on X (formerly Twitter) that "Bitcoin has set the highest historical daily candle close record." Another analyst, Rekt Capital, diagnosed that "if Bitcoin exceeds $105,000 on the daily closing price, it will form a new peak." As Bitcoin approaches its all-time high again, market attention is focused on its potential technical breakthrough and the possibility of continued upward momentum.