U.S. Space Force Major Jason Lowery emphasizes Bitcoin's strategic significance in national defense, urging prioritized research into Proof-of-Work (PoW) systems like Bitcoin. This move aims to fortify the U.S. against escalating cyber threats.
Bitcoin's Cybersecurity Assurance: Letter to U.S. Defense Innovation Council
Cyber warfare, a tangible reality, prompts Major Lowery's urgent plea to the U.S. Defense Innovation Board. In his letter, Bitcoin transcends a "monetary system," emerging as a potent means to securely store diverse data. Lowery's pitch advocates investigating PoW networks, highlighting their potential as a formidable defense mechanism.
PoW Systems as Cyber Defense: A Costly Deterrent
Lowery underscores the efficacy of PoW-based systems, citing their high costs for potential attackers. Analogous to military deterrents, Bitcoin's network becomes a deterrent by its very existence. The military's interest in PoW algorithms signals their credibility in enhancing cybersecurity.
Bitcoin: Safeguarding U.S. Military Hegemony
Major Lowery envisions Bitcoin as pivotal to sustaining U.S. global leadership amidst escalating cyber threats. Beyond military defense, Bitcoin holds promise in fortifying national administration. The Department of Defense prioritizes robust defense solutions, recognizing the potential paralysis of state operations by hacker attacks.
Technical Market Outlook: BTC/USD Analysis
Bitcoin's Resilience Above $40k: Correction on the Horizon
The BTC/USD pair asserts bullish dominance, achieving a new high at $42,421. Bulls eye $48,200, the weekly high from March 28, 2022. Positive momentum prevails, evident in the H4 chart's RSI above 70 points. Intraday support rests at $41,126, with a key demand zone between $38,477 - $38,029. A sustained breakout below signals a short-term bearish shift.
Bitcoin Weekly Pivot Points:
Pivot Points are key price levels used in technical analysis to identify potential trend reversals, support, and resistance levels in financial markets.
- WR3: $48,468
- WR2: $43,348
- WR1: $42,881
- Weekly Pivot: $40,228
- WS1: $38,761
- WS2: $36,108
- WS3: $31,989
Trading Outlook: Bulls Eye $48,200
On Monday, Bitcoin shot up to its highest level in over a year and a half. Reports that a date has been set for Bitcoin spot ETF approval between January 5 to January 10 drove Bitcoin price up. In addition, rumors that SEC representatives have met with BlackRock and Grayscale boosted the bullish market sentiment. The hype created over the news boosted crypto markets and most major cryptocurrencies gained strength over the weekend.
Bullish momentum targets $48,200, contingent on avoiding a breach of the critical $19,572 level. Long-term support at $32,829 and $31,790 remains crucial for sustained uptrends.
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