Bitcoin has been retreating after it rallied sharply to test the highs on the year in the 310-320 area. So far, it appears that the market is indeed keeping bitcoin at most sideways if not bearish in the medium-term.Bitcoin (BTCUSD) 4H Chart 7/19 (click to enlarge)The virtual currency's price has already retreated back below the 100-, and 50-period simple moving average (SMAs) in the 4H chart. Still, as we can see in the 4H chart, btcusd is still above the 200-period SMA, and the slide so far could be a falling wedge. These might offer some ideas of a bullish outlook, but in the near-term, we should anticipate continuation of the bearish correction.However as price gets into the 259-263 area, we should expect some support. The 200-period SMA is around 263 and there are some key support/resistance pivots from earlier in July around 259 and 263. To be rough, we can say that the 260 area is a key support if the market is remain bullish. If we see the 4H RSI around 30, and better yet form a bullish divergence around this oversold area, we should have more confidence of the bullish outlook. Then, we might need to see a break above 280 to convince the market of this bullish continuation outlook, which puts the 310-320 highs in play again.However, if price falls below 250, the bullish outlook will be dimmer. Then, if price pulls back but holds below the 285 area, we should expect a bearish outlook at least in the short-term - within the week.