Bitcoin Sets Record Weekly Close

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Bitcoin concluded the week with its strongest close in history, surpassing $106,000 following a weekend rally, as depicted on Binance’s BTC/USDT chart.

The cryptocurrency reached a high of $107,000 on Sunday, narrowing the gap to its January all-time high of $109,500 to just 2%.

After testing these higher levels, Bitcoin eased to about $104,500 at press time. Analysts consider this pullback as healthy consolidation amid increasing institutional investments and a tightening market supply, indicating potential upward momentum.

Investor interest in Bitcoin investment products remains strong. US-listed spot Bitcoin ETFs saw net inflows of $608 million, continuing the positive trend from the previous week, according to Farside Investors.

BlackRock’s iShares Bitcoin Trust led the market, attracting over $840 million, surpassing the combined net inflows of other products.