Bitcoin reached a new record this year 2020, which it recorded at $12,100, and then quickly fell back towards $10,500, causing the liquidation of $1 billion positions and resetting the market sentiment that was saturated with greed.

When Bitcoin traded just above $11,000, there seemed to be a clear fear among speculators of a sudden price drop.

Regardless of dips, rapid volatility, and short time frames, it is time to take a look at the bigger picture of bitcoin’s movement.

Bitcoin weekly chart:

He appears The above chart, although weekly, has important targets on both the daily and monthly time frame.

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The recent crash and pullback from 12,000 to 10,500 were not close to $9,545 or $8,694, however, 50-DMA is important because it is close to the CME Gap which may play a very important role in the potential drop that is yet to come.

Weekly and monthly goals:

The weekly candle that will close in a few hours should close above $11,500 to confirm bullish dominance.

Failure to do so may pave the way for the bears to exhaust the potential of the bulls, in June 2019 the sudden rally from April stopped at this level.

Another stop to the rally was in August 2019.

Thus, this level will play an important role in determining the direction of the Bitcoin price.

If the price does not close above $11,500, then $10,210 looks like a good support.

Conversely, if the price closes above $11,500, the first monthly target set at $12,325 and the second monthly target set at $13,200 will soon be met.

CME Gap:

CME Gap is the talk of the crypto community following the Bitcoin on Twitter, with many analysts seeing the gap between $9,252 and $9665 as the only gap that has not been filled.

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Thus, a drop to this level is possible.

While that proposal appeared to have faded, it now appears achievable, thanks to the current collapse and the dilemma of the weekly closing.

Given the possible weekly close below at least $11,500, that would prompt the price to at least buy back $10,100 and depending on this scenario, the bitcoin price could head to $9,925 and even $9666.

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