According to an analyst, Bitcoin requires a catalyst to surpass the $30,000 threshold. Meanwhile, Dogecoin spiked following Twitter’s logo change to the Dogecoin symbol.
Bitcoin has remained within a tight range of $27,200 to $28,400 and was recently trading at $27,500, down over 2% from the previous day. Despite being up nearly 70% for the year, Bitcoin’s price has struggled to stay above $29,000 due to uncertainties around banking failures and macroeconomic issues. Edward Moya, a senior market analyst at Oanda, believes that Bitcoin needs a significant use case argument to surpass the mid-$20,000 level.
Ethereum, the second-largest cryptocurrency, also declined by 0.2% to hover around $1,787. The overall crypto market performance measured by the CoinDesk Market Index was up by 0.1% for the day. The declining market liquidity for BTC and ETH since the FTX collapse and banking crisis has resulted in a 50% and 41% drop, respectively, in their 2% market depth, which assesses liquidity conditions.
Equity markets were mixed, with S&P 500 up by 0.3%, Dow Jones Industrial Average (DJIA) by 0.9%, and Nasdaq down by 0.2%. The manufacturing purchasing managers’ index (PMI) showed a drop in U.S. manufacturing activity to its lowest level in almost three years.