CoinVoice has learned that the latest report from Bitfinex Alpha states that Bitcoin is unstoppable, breaking through the $70,000 mark on Bitfinex today (July 29) despite a brief pullback in the middle of the week and encountering some strong resistance. Bitcoin has rebounded more than 30% since the low on July 5, which was previously predicted to be a local bottom. This upward momentum coincides with the 2024 Bitcoin Nashville Conference. Implied volatility in the Bitcoin options market also initially surged, but later retreated as traders reduced risk. With a large number of options expiring on Friday, August 2, some calmness in the market may indicate that prices will enter a period of consolidation or a small pullback.

In fact, despite the breakout of overhead resistance, there was a clear sign of net selling in the market last week as profit-taking weighed on the market, while the gradual distribution of Bitcoin to Mt. Gox creditors also played a role. However, the market absorbed this well, indicating that stronger forces are stepping in. Moreover, the current realized price for short-term holders is $65,700, which acts as solid support. The futures market has also witnessed a surge in open interest, indicating that leverage is playing a role again. Despite the sell-off in the spot market, leveraged longs have been supporting prices. Looking ahead, the next move of the market will be crucial. The recent decline in implied volatility and the increase in leveraged positions suggest that stagnation or range trading may occur in the short term. With key support levels holding and bullish momentum building, Bitcoin will have an interesting week ahead.

The U.S. economy showed stronger-than-expected growth in the second quarter of 2024, with gross domestic product (GDP) growing at an annual rate of 2.8%, beating expectations. The growth was driven by significant consumer spending and business investment, underscoring the economy's resilience. Inflationary pressures also eased, with goods prices rising modestly as lower costs for goods offset higher prices for services, further strengthening the case for a rate cut by the Federal Reserve in September. However, the housing market remains a drag on economic growth, with sales of existing homes falling more than expected as median home prices hit record highs. Still, rising supply and falling mortgage rates have raised hopes for a potential rebound. Overall, the economic outlook is cautiously optimistic, with prospects for solid growth, easing inflation and potential improvement in the housing market. [original link]