The focus of this paper is on the asymptotic investigation of the nonlinear fluid-structure interaction of an acoustically excited clamped panel immersed in an inviscid compressible fluid. A multiple-scales analysis of the corresponding two-dimensional unsteady potential flow initial-boundary-value-problem is employed to investigate both primary resonance and a 3:1 internal resonance between the panel fifth and ninth modes. Validation of the asymptotic structural response and the fluid pressure shows good agreement with numerical solution of a weakly nonlinear panel in a quadratic Euler field. The results shed light on the intricate acoustic interaction bifurcation structure which exhibits coexisting bi-stable periodic solutions, and quasiperiodic response reflecting spatially periodic modal energy transfer for both panel and fluid. This behavior is found to occur for panel excitation by finite level acoustic pressure waves that can be a crucial factor for design of high integrity structural systems required for aviation or space where light structures are exposed to intensive acoustic pressure fluctuations.