Bitcoin price has retraced nearly 10% over the past three days, going from a high of $22,020 on June 26th to recently hitting a low of $19,890.
The flagship cryptocurrency appears to have reached a critical area of support that would likely determine where it is going next. Further selling pressure that sends BTC price below $19,690 can confirm that the recent correction has more leg downs. If this were to happen, Bitcoin price could fall to $18,550 or lower.
BTC 4-hour chart
Bitcoin price needs to reclaim $20,200 to have a chance of invalidating the pessimistic outlook. Overcoming such an important resistance level could trigger an upswing to $21,000.
