Bitcoin still being on 29k shows that it's quite struggling to make a V-shaped recovery after hitting high support levels on 25k. Bitcoin got constantly rejected at ~31k the past days and it does not look like anything is making a fast recovery just now.
Crypto prices, as every other financial asset prices, are completly dependent on the state of the human psychology and that's dependent on how the world is doing. The past months we have just been adding more and more macro-economic tensions. Starting with FED rate hikes, Consumer Inflation, Russia-Ukraine to now China supply issues. Also Don't forget that Covid is still here.
It just does not seem like any of those will get better any time soon. Covid stays still, Russia Ukraine is having no progress in peace, FED won't stop till inflation is down. Obviously things could change and Crypto pumps to the moon, there is no certainity, but the probability is that things will keep worse before they get better.