TechFlow news — On July 29, Bitfinex Alpha released its latest market analysis report stating that despite a brief mid-week pullback, Bitcoin hit $70,000 on Bitfinex today, rebounding over 30% from its July 5 low. With the ongoing Bitcoin 2024 Nashville Conference, implied volatility in the options market initially rose before declining. As a large volume of options expires this Friday, August 2, the market's return to some calm may signal an upcoming period of consolidation or a slight pullback.
Although resistance levels have been breached, last week saw clear net selling pressure as profit-taking weighed on the market. However, strong market absorption suggests robust underlying demand. The current realized price for short-term holders stands at $65,700, forming a solid support level. Additionally, open interest in futures markets has risen significantly, indicating renewed leverage activity. Despite spot market selling, leveraged long positions have continued to support prices.
