How is IBIT stock faring? The iShares Bitcoin Trust (IBIT) had a tough period today. It is now down 0.45% over the past 5 days, and is 23.05% higher in the year-to-date.
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According to TipRanks technical analysis, the IBIT is now at a Strong Buy consensus based on 2 Bearish, 5 Neutral and 15 Bullish ratings.
Based on the activity of 825,071 investors in the recent quarter, it has scored above-sector-average very positive sentiment. Those investors aged between 35 and 55 have been the most active buyers.
In total, 1.9% of all portfolios hold IBIT.
Today’s IBIT Performance
Today, the IBIT was down 2.72% at $62.74 in mid-trading. The main drag was the price of bitcoin, which decreased 1.90% to $110,967.35.
The Federal Reserve’s move to cut interest rates today knocked Bitcoin. Analysts believe that Bitcoin traders may have been spooked by what a cut means for the economic health of the U.S. particularly inflation and jobs.
However, analysts at Hyblock, a crypto analytics company, told TradingView that the move downwards for Bitcoin might only be temporary.
“Recent history has shown that the FOMC leads to a price drop in BTC, followed by a move up. This was the case in both the no rate change and rate cut (last one) scenarios. If price does dip post-FOMC and signs of bullish confluence emerge, such as bid-heavy orderbooks, it would likely present good opportunities for investors,” Hyblock said.
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