Decentral Block Post

Bitcoin (BTC) found strength at $22,000 into July 24 with bulls still aiming for a solid green weekly close.

Classic levels for end-of-week price focus

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD halting a weekend drop at $21,900 to return towards the $23,000 on the day.

The pair held a trading range closely focused on key long-term trendlines, which analysts had previously described as essential to reclaim.

These included the 50-day and 200-week moving averages (MAs), the latter particularly important as support during bear markets but which had acted as resistance since May.

“Bullish that we perfectly held the 13d ema + horizontal 21.9k,” popular Twitter trading account CryptoMellany argued in part of her latest update on the day.

Proposals in crypto help communities make consensus-based decisions. However, for decentralized music platform Auduis, the passing of a malicious governance proposal resulted in the transfer of tokens worth $5.9 million, with the hacker making away with $1 million. 

On July 24, a malicious proposal (Proposal #85) requesting the transfer of 18 million Audius’ in-house AUDIO tokens was approved by community voting. First pointed out on Crypto Twitter by @spreekaway, the attacker created the malicious proposal wherein they were “able to call initialize() and set himself as the sole guardian of the governance contract.”

Further investigation from Auduis confirmed the unauthorized transfer of AUDIO tokens from the company’s treasury. Following the revelation, Auduis proactively halted all Audius smart contracts and AUDIO tokens on the Ethereum blockchain. 

Blockchain investigator Peckshield narrowed down the fault to Audius’ storage layout inconsistencies.

While the hacker’s governance proposal drained out 18 million tokens worth nearly $6 million from the treasury, it was soon dumped and sold for $1.08 million. While the dumping resulted in maximum slippage, investors recommended an immediate buyback to prevent existing investors from dumping and further lowering the token’s floor price. 

The mood across the cryptocurrency ecosystem is noticeably brighter on July 22 after a week of gains helped traders put the events of the past two months behind them and look toward a positive future. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) has been oscillating around support at $23,000 over the past couple of days and continues to hold slightly above its 200-week moving average (MA), which has been a reliable indicator of bear market bottoms in the past.

As the debate about the market's direction continues to rage, here are the important levels to watch heading into the weekend, according to analysts.

Bitcoin needs weekly close above $22,800

The significance of Bitcoin trading above its 200-week MA was noted by independent market analyst Michaël van de Poppe, who posted the following chart highlighting the major support and resistance zones:

According to van de Poppe, Bitcoin is “facing crucial resistance again” at $23,500, and what happens next will determine if its price heads higher or pulls back to support at $21,500. He explained: