The iShares Bitcoin Trust (IBIT) struggled again today. It is now down 4.89% over the past 5 days and is 8.56% higher in the year-to-date.
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According to TipRanks’ technical analysis, the IBIT is now at a Strong Sell consensus based on 14 Bearish, 5 Neutral and 3 Bullish ratings.
Based on the activity of 827,859 investors in the recent quarter, it has scored sector-average neutral 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 3% at $55.86 in late trading. The main drag was the price of Bitcoin, which dropped 3.03% to $98,578.10.
Bitcoin prices fell in tandem with stocks, particularly technology shares, as investors grow increasingly risk-averse. The drop in Bitcoin comes after it hovered just above $100,000 for the past two weeks. BTC is now down 22% from an all-time high of just over $126,000 reached in early October. Bitcoin is technically in a bear market, defined as a drop of 20% or more from recent highs.
But there were some bright spots as the Czech Republic’s central bank announced that it had bought a “test portfolio” of digital assets it will experiment with over the coming years as it moves towards crypto adoption. The $1 million test-case investment consisted primarily of Bitcoin.
Check in with TipRanks tomorrow to see if the IBIT can recover.
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