While Bitcoin remains within a well established range, its trajectory has become increasingly critical for both bulls and bears alike. Each level of resistance represents a turning point for the market sentiment. We are approaching 3 levels remaining for bears to hang on to.
🐻 The Lower HighThe first level is where we currently sit with Bitcoin at $63,500 at time of writing. If we get a move up from here it will create a higher high indicating a shift in market structure. 🐻 The BreakoutThe next level that Bitcoin needs to traverse is the diagonal downtrend which marks the top of this range. Depending on if/when we get there it looks to be around $68k. A break above this could see quite explosive volatility as we’ve been in the range for 7 months. 🐻 The New ATHThe last stand for bears would be a reversal at the previous all time high at just below $74k which was set in March. If Bitcoin can close above the all time high we will be in a new price discovery stage and crypto will become exciting once again.
Stellar Soroban Rust Smart ContractsOver the past few weeks I’ve been getting up to speed with the Soroban smart contract platform on Stellar. I’ve been very lucky to take on a developer in residence role at Stellar for the next 3 months. As part of this I’ll be providing developer support at the Meridian Hackathon and Conference. If you are in London between the 12th and 17th October why not join us: Hackathon: https://bit.ly/stellarhackathon Meridian Conference: https://bit.ly/stellarmeridian
The Solana Seeker PhoneSolana have released details of it’s new hardware device which includes a “natively integrated hardware seed vault and mobile wallet”. The first phone done well due to airdrops going to users. This solved to some extent the sybil attack problem with distributing airdrops fairly. Owning the hardware also enables developers full control to implement software as they see fit. There is potential here to add new frameworks and protocols for Web3 DNS for example, this could be coded into the native browser so that we can register web3 websites on-chain and not have to rely on .com’s. The first phone was a bold move by the Solana team but one that was ultimately a success I hope that this phone solidifies the strategy and sets up a situation where Solana can gain long term traction built on innovation.
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