We’re about to board our flight to Washington for the Trump meme coin dinner, but before takeoff, we wanted to share a quick update on the Bitcoin price. The past week has been nothing short of historic. Bitcoin bulls have reason to celebrate, and the charts are flashing green across the board.
Bitcoin Sets a New Weekly Record
Bitcoin didn’t hit a new all-time high just yet, but it did close the weekly candle at its highest level ever. The previous high weekly close was finally surpassed, a milestone that matters more than many traders realize. Weekly closes often confirm trend strength, and this one suggests Bitcoin bulls are gaining full control.
On Bitstamp, BTC touched an intraday high of $107,115 before retreating to $103,000. Still, it ended the week near $106,500. The fact that it closed this high — even after a 4% dip — shows strong market confidence.
Why Weekly Closes Matter
Traders watch weekly candles because they paint a broader picture than daily moves. Short-term wicks can be noise, but weekly closes help confirm momentum. This past candle signals that buyers stepped in with strength — even after a quick liquidity grab above $107K.
It also continues Bitcoin’s upward structure within the rising channel that started in early April. Prices remain far above the 50-day and 200-day exponential moving averages, reinforcing the bullish momentum.
Open Interest Breaks Records
Open interest in Bitcoin futures surged to $72 billion on May 20. That’s an 8% rise from the week before and a new record high. This kind of build-up often precedes explosive price moves — especially when short sellers get squeezed.
Institutional players continue to dominate this wave. The CME holds $16.9 billion in BTC futures, followed by Binance with $12 billion. The rising open interest suggests traders are heavily positioned — and many may be overexposed if price breaks $108K.
Short Liquidations Stack Up
According to CoinGlass, nearly $1.2 billion in short positions sit between $107,000 and $108,000. That’s a big pile of risk for bears. If BTC pushes higher, it could trigger a cascade of liquidations that send the price flying.
But what could ignite that breakout? One potential catalyst is the growing worry around US fiscal policy. With debt levels soaring and bipartisan gridlock in Washington, investor confidence in traditional assets is slipping.
Macro Conditions Favor Bitcoin
The 20-year US Treasury yield recently climbed to 5%, up from 4.82% just weeks ago. As demand for long-dated government bonds weakens, some analysts believe the Federal Reserve may need to step in to stabilize markets.
That type of intervention could weaken the dollar further — a development that often benefits Bitcoin. With fiat showing signs of stress, more investors are exploring alternative assets like BTC as a store of value.
Rare On-Chain Indicator Flips Bullish
On-chain data is backing the bulls too. One standout signal is the flip in the Market Cap vs. Realized Cap Ratio (MVRV). According to a May 19 update, the ratio turned positive again — just weeks after showing weakness.
This rapid reversal is rare and reminiscent of 2020, when BTC went on to smash through $20,000. If momentum holds, Bitcoin could soon reclaim its all-time high and start writing a new chapter in its price history.
Analyst Thielen notes that if the MVRV trend continues, new highs might arrive faster than expected. This shift, combined with bullish macro trends, has traders feeling optimistic again.
Gold Shines, but Bitcoin Grows Faster
Gold is still the largest alternative asset with a $22 trillion market cap. It’s also up 24% year-to-date. But compared to Bitcoin’s explosive moves and increasing adoption, gold is starting to look a bit outdated.
For perspective, the S&P 500 is worth around $53 trillion, and U.S. bank deposits plus Treasury bills (M1) add up to $18.6 trillion. Bitcoin, at $2.1 trillion, is still small in comparison — but its room for growth makes it increasingly attractive.
Especially as governments lean into debt and the dollar weakens, Bitcoin’s fixed supply and decentralized nature become even more appealing.
Guide: how to buy gold with crypto
Final Words
As we head off to Washington, it’s hard not to feel the energy building in the market. Bitcoin bulls just closed out the strongest weekly candle in history, open interest is peaking, and on-chain signals are flashing green.
The market is heating up — and if price clears the $108K wall, we could be in for fireworks. In 40 min we may see the highest daily close ever, if BTC manages to stay about 107k.
Stay tuned. We’ll be back with more updates after the Trump meme dinner.
If you enjoyed this blog, check out our recent update on the $DOGE price and charts.
As always, don’t forget to claim your bonus below on Bybit. See you next time!
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