The world's biggest cryptocurrency began ticking higher in the run-up to the weekly close, and CoinMarketCap data shows BTC ended the latest seven-day period at about $57,250.
It may take several weeks for health officials to learn more about the Omicron variant. We don't know whether it is more transmissible than previous strains, whether it causes more severe illness, or whether its mutations deliver greater levels of resistance to COVID-19 vaccines.
There are fears that, if Omicron is as bad as first feared, lockdown restrictions could be reinforced, and the global economy could be plunged into fresh uncertainty.
However, the likes of Pfizer and Moderna have expressed confidence that COVID-19 vaccines can be modified to offer greater protection against Omicron within a matter of weeks, subject to regulatory approval.
What Omicron Means for Bitcoin
Bitcoin has increasingly shown a close correlation to the stock markets in recent weeks — meaning the world's biggest cryptocurrency could be subject to painful sell-offs in response to negative pandemic news.
But there is increasing speculation that Omicron's arrival could prompt central banks to delay plans to increase interest rates — and this may result in BTC being regarded as more attractive in the medium term.
"Definitely not out of the woods yet."