The iShares Bitcoin Trust ETF (IBIT) started the week well today. It is now down 9.67% over the last 5 days and off 20.08% in the year-to-date.
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According to technical analysis, the IBIT has a Sell consensus based on 14 Bearish, 3 Neutral and 5 Bullish ratings.
Overall, 1.6% of all portfolios hold the IBIT.
Today’s IBIT Performance
Today, the IBIT was up 0.86% at $40.02. The price of bitcoin was up 0.14% at $70,374.
Bitcoin was bolstered today by Bernstein’s Gautam Chhugani, who reiterated the firm’s $150,000 year-end price target. He told CoinDesk: “What we are experiencing is the weakest Bitcoin bear case in its history.”
Strategy (MSTR) also announced an update on its Bitcoin holdings. The company said it had bought 1,142 bitcoin for approximately $90 million at an average purchase price of $78,815 between February 2 and February 8. As of February 8, Strategy holds 714,644 bitcoin.