In all honesty, reaching a target may be satisfactory in the coin bag, but that doesn’t justify the explanation entirely.
The market gyrations about the ETF nonsense took their toll in a lot of noise in the price structure. In addition, the heavy resistance from a major trend line and a structural apex in the 2022 bear market have compressed trading significantly so that there was not room for well developed third wave reaches w/r/t the first wave sizes, until enough pressure developed for breaking those resistance lines just for a moment, before retreat to safer grounds.
The 48000 range contains the apex of the X-wave that peaked in March 2022 as the major inflection of the bear market trend. It is very close to the 0.618 retrace level of the entire bear market down-trend. It is often viewed as the confirmation level of the this bull market. Many traders believe it cannot be crossed in a bear market they believe is still in progress. Therefore the level is defended heavily. Another obstacle is the top trend line of the entire trading range channel from November 2021. This lies just above the 0.618 level.
Trend lines are to be broken, eventually. They hold their value for a while, but we have to wait to discover how aggressively the market seeks higher ground.