Bitcoin's recent dip to $47,000 could be a buying opportunity. The 50-day moving average has acted as a strong support level in the past, and a potential break above it could signal a reversal. Additionally, the RSI is oversold, indicating a potential bounce. However, it's essential to monitor the market's reaction to the US inflation data due out later today.

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Great points! The support at the 50-day MA and the oversold RSI do suggest a potential rebound. US inflation data could indeed be a game-changer, so staying tuned is wise.