{"id":568268,"date":"2024-01-05T20:00:16","date_gmt":"2024-01-05T20:00:16","guid":{"rendered":"https:\/\/wncen.com\/?p=568268"},"modified":"2024-06-11T08:10:35","modified_gmt":"2024-06-11T08:10:35","slug":"bitcoin-price-omega-candle-very-real-says-this-developer-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-omega-candle-very-real-says-this-developer-heres-why\/","title":{"rendered":"Bitcoin Price Omega Candle \u201cVery Real\u201d Says This Developer, Here\u2019s Why"},"content":{"rendered":"<p><strong>The Bitcoin price saw a spike in volatility due to the decision around the spot Exchange Traded Fund (ETF). Market participants await an announcement at any point during the upcoming days, which will likely result in further spikes in volatility. <\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/these-events-create-bitcoin-crash-march-hayes\/\" target=\"_blank\" rel=\"noopener \">These Events Will Create A Bitcoin Crash In March: Arthur Hayes<\/a><\/div>\n<p>As of this writing, the Bitcoin price trades at $43,900 with a 1% profit recorded over the last 24 hours. Over the previous seven days, the cryptocurrency records a 3% increase, acting as the best-performing asset in the crypto top 10 by market cap.<\/p>\n<figure id=\"attachment_568302\" aria-describedby=\"caption-attachment-568302\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-568302 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/bitcoin-price-btc-btcusdt.png?w=860&#038;resize=860%2C413\" alt=\"bitcoin price btc btcusdt\" width=\"860\" height=\"413\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/bitcoin-price-btc-btcusdt.png?w=2372 2372w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/bitcoin-price-btc-btcusdt.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/bitcoin-price-btc-btcusdt.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/bitcoin-price-btc-btcusdt.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/bitcoin-price-btc-btcusdt.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/bitcoin-price-btc-btcusdt.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/bitcoin-price-btc-btcusdt.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/bitcoin-price-btc-btcusdt.png?w=1140 1140w\" sizes=\"auto, (max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-568302\" class=\"wp-caption-text\">BTC&#8217;s price trends to the upside on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>Bitcoin Price Ready For A Massive Rally?<\/h2>\n<p>According to many analysts, the potential implications for the Bitcoin price should the spot ETFs get approval are <a href=\"https:\/\/twitter.com\/MacroScope17\/status\/94369136\" target=\"_blank\" rel=\"noopener nofollow\">\u201cimpossible\u201d for the market to price in this event<\/a>. Thus, the bullish effects of this approval can only impact BTC in the mid to long-term as capital enters the financial product.<\/p>\n<p>On the other hand, volatility has been susceptible to sudden spikes, as mentioned above. In late 2022, any news related to the Bitcoin ETF moved the market by thousands of dollars, most notably, the <a href=\"https:\/\/bitcoinist.com\/cointelegraph-100-million-bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> by the crypto news outlet Cointelegraph inaccurately announcing the financial product launch before receiving confirmation from the US Securities and Exchange Commission (SEC).<\/p>\n<p>Developer Samson Mow claims this effect can benefit Bitcoin prices by pushing them beyond expectations. This week, <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-plunges-more-than-6-amid-matrixports-contradictory-reports\/\" target=\"_blank\" rel=\"noopener \">two conflicting reports by analysis firm Matrixport pushed BTC back to critical support levels<\/a>.<\/p>\n<p>A similar effect might drive Bitcoin back above the $50,000 area. Mow <a href=\"https:\/\/twitter.com\/Excellion\/status\/15545169\" target=\"_blank\" rel=\"noopener nofollow\">stated<\/a>:<\/p>\n<blockquote><p>Bitcoin dropped $5k on some fake news from a no-name analyst. Imagine what happens when a dozen ETFs are approved and start smash market buying. You may think an Omega candle is impossible, but it\u2019s very real.<\/p><\/blockquote>\n<h2>Confidence In BTC Grows Stronger<\/h2>\n<p>In support of the bullish thesis, trading desk QCP Capital pointed at the recent leverage \u201cwashed out\u201d triggered by the Matrixport reports. Over $1 billion in long liquidations were triggered as BTC returned to the $40,000 level.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/blackrock-10-million-bitcoin\/\" target=\"_blank\" rel=\"noopener \">BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner<\/a><\/div>\n<p>However, the cryptocurrency climbed back and re-took these levels&#8217; mid-area. In a <a href=\"https:\/\/t.me\/QCPbroadcast\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a>, QCP Capital stated the following regarding Bitcoin\u2019s potential to see a stronger rally in the mid-term:<\/p>\n<blockquote><p>For now, the topside remains capped by resistance at the 46 &#8211; 48.5k region with support at the 40.5 &#8211; 42k region. In spite of the leveraged washout, BTC has climbed back up to 44,000 level. While we remain wary of a &#8220;sell the news&#8221; knee-jerk reaction to the downside, this resilient price action gives us more confidence in the medium-term bullish view into BTC halving towards Mar\/Apr this year.<\/p><\/blockquote>\n<p>Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price saw a spike in volatility due to the decision around the spot Exchange Traded Fund (ETF). Market participants await an announcement at any point during the upcoming days, which will likely result in further spikes in volatility. Related Reading: These Events Will Create A Bitcoin Crash In March: Arthur Hayes As of this writing, the Bitcoin price trades at $43,900 with a 1% profit recorded over the last 24 hours. Over the previous seven days, the cryptocurrency records a 3% increase, acting as the best-performing asset in the crypto top 10 by market cap. Bitcoin Price Ready For A Massive Rally? According to many analysts, the potential implications for the Bitcoin price should the spot ETFs get approval are \u201cimpossible\u201d for the market to price in this event. Thus, the bullish effects of this approval can only impact BTC in the mid to long-term as capital enters the financial product. On the other hand, volatility has been susceptible to sudden spikes, as mentioned above. In late 2022, any news related to the Bitcoin ETF moved the market by thousands of dollars, most notably, the report by the crypto news outlet Cointelegraph inaccurately announcing the financial product launch before receiving confirmation from the US Securities and Exchange Commission (SEC). Developer Samson Mow claims this effect can benefit Bitcoin prices by pushing them beyond expectations. This week, two conflicting reports by analysis firm Matrixport pushed BTC back to critical support levels. A similar effect might drive Bitcoin back above the $50,000 area. Mow stated: Bitcoin dropped $5k on some fake news from a no-name analyst. Imagine what happens when a dozen ETFs are approved and start smash market buying. You may think an Omega candle is impossible, but it\u2019s very real. Confidence In BTC Grows Stronger In support of the bullish thesis, trading desk QCP Capital pointed at the recent leverage \u201cwashed out\u201d triggered by the Matrixport reports. Over $1 billion in long liquidations were triggered as BTC returned to the $40,000 level. Related Reading: BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner However, the cryptocurrency climbed back and re-took these levels&#8217; mid-area. In a report, QCP Capital stated the following regarding Bitcoin\u2019s potential to see a stronger rally in the mid-term: For now, the topside remains capped by resistance at the 46 &#8211; 48.5k region with support at the 40.5 &#8211; 42k region. In spite of the leveraged washout, BTC has climbed back up to 44,000 level. While we remain wary of a &#8220;sell the news&#8221; knee-jerk reaction to the downside, this resilient price action gives us more confidence in the medium-term bullish view into BTC halving towards Mar\/Apr this year. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":568270,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,680,1119,1122,86867,78790],"class_list":["post-568268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-price-analysis","tag-btc","tag-btc-price","tag-btc-price-analysis","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Omega Candle \u201cVery Real\u201d Says This Developer, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"The Bitcoin price saw a spike in volatility due to the decision around the spot Exchange Traded Fund (ETF) in the United States.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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