Bitfinex report: Bitcoin is expected to enter a period of consolidation or a minor correction

The latest report from Bitfinex Alpha says that Bitcoin is on a roll. Despite a brief pullback and some strong resistance in the middle of the week, it still broke through the $70,000 mark on Bitfinex today (July 29). Bitcoin has rebounded by more than 30% since its low on July 5, which was previously predicted to be a partial bottom. This upward momentum coincides with the Bitcoin Nashville Convention in 2024. Implied volatility in the Bitcoin options market also surged initially, but later fell back as traders reduced their risk. With a large number of options due to expire on Friday, August 2, some calm return in the market could signal that the price will enter a period of consolidation or a small pullback.