The prices could come under renewed selling pressure as the cryptocurrency market lack bullish drivers

The bitcoin price keeps treading water in a tight trading range these days, now holding nearly unchanged for the week. The BTCUSD pair was once again rejected from the descending 20-DMA earlier in the week, struggling to regain a more robust recovery momentum while also staying below the $40,000 psychological level since the plunge witnessed on January 21. 

The largest cryptocurrency by market capitalization suffered a major local decline on Wednesday before regaining upside momentum today. The coin managed to hold above the $36,000 figure and bounced back to the mentioned moving average that continues to deter buyers, coming at $38,300 today. On the positive side, the daily RSI is pointing north in neutral territory, suggesting the digital currency could at least retain a bullish bias during the day. On the other hand, the prices could come under renewed selling pressure as the cryptocurrency market lack bullish drivers to make a decisive breakout at this point.

In the traditional financial markets, Wall Street indexes suffered a solid sell-off yesterday as investors were spooked by disappointing quarterly results from Meta with downside pressure surrounding tech stocks adding to the pressure. Today, positive risk sentiment is back in play, which implies that the BTC price could stay positive in the immediate term.

In a wider picture, the digital coin has been staying within a broader downtrend for nearly three months already. The BTCUSD pair may have to suffer deeper losses before attracting demand from long-term buyers that would push the asset back above $40,000 first. On the downside, should the pressure reemerge in the coming days, the most popular coin may challenge the $35,000 figure, followed by the $33,000 critical support that stands on the way towards the $30,000 mark last seen in July. 


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