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    Bitcoin Price Decline Unlikely Near $33K Support

    Outlook

    • The immediate bias is neutral with prices trapped in a pennant, a triangular-shaped consolidation.
    • A pennant breakdown would signal a bearish continuation. However, the risk-reward ratio is not favorable for sellers at the moment, given the cryptocurrency’s proximity to the significant support at $30,000.
    • The 200-day SMA at $41,136 holds the key for a reversal higher.

    Bitcoin’s bullish first quarter theme has come under fire this month, with prices falling by 40%. 

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