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Bitcoin rallies 9%

Over the past week, Bitcoin fell 2.30% to $57,274. The weekly candle range was 10.4%, with a weekly low of $53,256. Friday's collapse was triggered by a flight to defensive assets following the discovery of a new COVID-19 strain. It dubbed Omicron after the WHO convened an emergency meeting. Omicron has a large number of mutations, which is why experts have suggested that it might be resistant to vaccines. Markets started to price in the worst-case scenarios (new lockdowns, a collapse in stock indices, a decline in US GDP).

However, in the wake of news from Israel, BTC pared most of the losses it suffered at the end of last week. Prof. Dror Mezorach, head of the coronavirus department at Hadassah Ein Karem University Hospital, tweeted that preliminary reports on the clinical condition of people infected with the new variant are encouraging. Previously, experts said that due to its large number of mutations, Omicron might have a lower virulence than Delta.

By the time of writing, Bitcoin was trading at $57,143 on Binance exchange. A pinbar has formed on the weekly TF. This is a bullish signal that shows buyers are still looking to pump the price back up to $65k. Despite the 9% rebound, buyers are still showing signs of weakness. While they are gaining speed, they need to take out two key resistance levels: $60k and $61,400. If price action gains a foothold above $61,500, the rally can be expected to last until year-end.


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