Odaily Planet Daily News Bitfinex Alpha's latest report said that despite a brief pullback in the middle of this week and some strong resistance, Bitcoin still broke through the $70,000 mark on Bitfinex today (July 29), and has rebounded more than 30% since the low on July 5. This upward momentum coincides with the 2024 Bitcoin Nashville Conference. The implied volatility in the Bitcoin options market also soared initially, but later fell back as traders reduced risks. Despite the breakthrough of the upper resistance, there were obvious signs of net selling in the market last week as profit-taking put pressure on the market, while the gradual distribution of Bitcoin by Mt. Gox creditors also contributed to the situation. However, the market absorbed this well, indicating that stronger forces are intervening. Despite the sell-off in the spot market, leveraged longs have been supporting prices. The recent decline in implied volatility and the increase in leveraged positions suggest that stagnation or range trading may occur in the short term. (blog.bitfinex)

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