A recent 6% drop in the price of Bitcoin this Tuesday has resulted in an overall 8% decline for the week. Sellers have taken control of the short-term BTC price trend, causing a crash in altcoins amidst a widespread market sell-off.

As the price of Bitcoin hovers around the $65K mark, there has been a slight relief with a 1% intraday growth. Despite this correction, the larger picture indicates a bullish entry due to a specific price pattern.

Additionally, the US Bitcoin Spot ETFs have recorded a daily net inflow of $40 million on Tuesday, strengthening the chances of recovery. The question now arises whether the bulls can withstand the fall and reach the $100,000 price prediction before the halving event.

Bitcoin Price Performance

Following a 6% increase last week, the BTC price trend has lost momentum this week and is currently trading at $66,120, which represents an 8% discount. The price has recently tested a crucial support level at $65,000.

The daily chart of Bitcoin shows two consecutive bearish candles, indicating a negative cycle. The price decline is approaching the dynamic support of the 50-day EMA at the 23.60% Fib level. The 6% drop on Tuesday resulted in a $357 million long-liquidation, setting a strong bearish tone in the short term.

Chances Of BTC Price Reaching $100K This Month

Despite a bearish channel consolidation in the long-term trend, Bitcoin has formed a bullish flag pattern, suggesting a possible trend continuation. With the resurgence of daily net inflows and the upcoming halving, the price of Bitcoin could potentially exceed $75,000. However, reaching the $100,000 mark may be a post-halving target given the current market conditions. On the downside, a correction below the 50-day EMA could test the 38.20% Fibonacci level at $60,289.