**Bitcoin price surges to $70,000! Market trends spark heated discussions**

Hello everyone! Today we are going to talk about the hot topic of Bitcoin. On July 29, Bitfinex released a report announcing that the price of Bitcoin reached a high of $70,000, rebounding more than 30% from the low of July 5. This wave of gains is really eye-catching! 😎

This price surge coincided with the convening of the Bitcoin 2024 conference, what a coincidence! During this period, the implied volatility of the Bitcoin options market initially surged, but as traders gradually reduced their risks, volatility also declined. Everyone is watching the upcoming large-scale option expiration on Friday, August 2, and the market is expected to consolidate and even have a small correction.

Although the price of Bitcoin broke through the overhead resistance, the net selling of the market was still obvious last week. Profit-taking put pressure on the market, coupled with the gradual distribution of BTC to Mt. Gox creditors. However, the market seems to have absorbed these sales well, showing that stronger buyers are stepping in. Additionally, the realized price for short-term holders is currently at $65,700, which has become a solid support point. The number of open contracts in the futures market has also surged, indicating that leveraged trading is active again. Despite the sell-off in the spot market, leveraged longs are still supporting prices.

Looking ahead, the next move of the market will be crucial. The decline in implied volatility and the increase in leveraged positions suggest that the market may stagnate or fluctuate in a range in the short term. With key support levels held and bullish momentum accumulating, Bitcoin will usher in an interesting situation in the coming week.

What do you think of this Bitcoin price surge? Where do you think it will develop next? Welcome to share your thoughts and opinions in the comment section, let's discuss together!