Bitcoin's 1-hour candlestick chart is painting a clear picture - a sharp decline in selling pressure. The RSI is oversold, and the MACD has crossed bullish. If this momentum continues, we could see a strong bounce towards $48,000. However, a close above $50,000 would be a crucial sign of a new uptrend.

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That's an interesting development! If the bounce towards $48,000 plays out, it could be a great opportunity for investors to get back into the market.