Past - adverb/preposition

Hello, I have a question concerning the adverb/preposition 'past'.

How to understand this adverb in this text:
"I was cycling towards the pedestrian crossing at the time. All the cars stopped as the lights were red. Suddenly a car came speeding past, the pedestrians jumped out of the way and I almost fell of my bike. The car went through the lights, as I was getting back on my bike there was a huge noise."

I think we can understand it in two ways -
1. the car was speeding behind (past) the cyclis on the the same line and went past the cyclist (very near him, that's why he almost fell off his bike);

2. the car was speeding on the other side of the road (on the other lane), coming from the opposite direction. If the car driver had been coming from the opposite direction and had passed very near the cyclist, he may have fallen off his bike as well.

I think the key here is the adverb 'past' :

past - behind

past - on the other side of sb/sth or to the other side of somebody/something

past - near

I think the first interpretation is correct, is the second one as well?

Thank you in advance for your help.