Bitcoin (BTC) is operating in a downtrend this Thursday (10), with its price falling 1.6% in 24 hours according to CoinGecko.

This means that the cryptocurrency is approaching the $61,000 level, and is at risk of losing this support level. Check out the most likely future scenarios for BTC below.

Bitcoin resumes downtrend

Bitcoin appears to have resumed its bearish trend seen last week, as seen in the 4-hour chart below. Since forming a high at $64,500 last Monday (7), the asset has been recording new lows, the most recent being at $60,200 today.

Furthermore, the Relative Strength Index (RSI) is below 50, which shows that buyers have lost control of the market.

To make matters worse, the 9-period exponential moving average (EMA) (blue) has now moved back below the 21-period EMA (orange). This crossover confirms that the short-term trend is bearish.

Bitcoin (BTC) Chart on TradingView

It is worth noting that the last time BTC experienced this negative crossover of averages on the 4-hour chart, its price dropped by around 10%.

Price forecast

The 2-hour chart has slightly more bullish signals. On this timeframe, Bitcoin has bounced back after the RSI hit a low of 30. Furthermore, the asset is in the process of breaking above the 9-period EMA.

If it continues to rise and surpasses the 21-period exponential moving average, the cryptocurrency could continue to rise towards $62.3K. If it surpasses this level, the short-term trend becomes bullish.

Bitcoin (BTC) Chart on TradingView

On the other hand, if it continues to fall, Bitcoin could test the $60,000 support. If it falls below that level, it could fall to $57,750.

The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.