Bitfinex Alpha: Bitcoin may see a small consolidation

According to the latest report from Bitfinex Alpha, despite a brief pullback in the middle of the 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. Implied volatility in the Bitcoin options market also initially surged, but later retreated as traders reduced risk. Despite the breakthrough of overhead resistance, there were clear signs of net selling in the market last week as profit-taking put pressure on the market, while the gradual distribution of Bitcoin to 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)