BTC could see $48K as next support if it falls below $50K, says researcher

In an analysis contributed to CryptoPotato, CryptoVizArt, a senior researcher at on-chain analysis firm Glassnode, stated that the daily chart shows BTC's failure to break the $68,000 resistance has led to a steady decline, breaking through both the $60,000 level and the 200-day moving average. Currently trading around $50,000, BTC could soon test the $48,000 support, though an oversold Relative Strength Index (RSI) suggests a possible short-term bottom. The four-hour chart highlights a steep decline for the asset since the $60,000 breakdown, with the market structure appearing bearish. However, negative funding rates from the futures market, reflecting a massive long liquidation, might trigger a short-term consolidation above $48,000 or even a potential V-shaped recovery for BTC, though it's too early to confirm, according to CryptoVizArt.