The iShares Bitcoin Trust (IBIT) had another disappointing day. It is now down 16.80% over the past 5 days and off 4.37% in the year-to-date.
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According to TipRanks’ technical analysis, the IBIT is now at a Sell consensus based on 15 Bearish, 2 Neutral and 5 Bullish ratings.
Based on the activity of 828,953 investors in the recent quarter, it has scored a below sector-average very negative 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 3.11% at $49.15 in late trading. The main drag was the price of Bitcoin, which dropped 5.28% to $86,630.
At one point it dropped to $86,325.81, its lowest level since April 21.
The reason for the fall continues to be investors worried about the state of the stock markets and the strength of technology stocks. That’s despite Nvidia’s (NVDA) strong earnings report overnight.
The release of stronger-than-expected U.S. jobs data also raised more concerns about whether the Federal Reserve will lower its benchmark overnight rate. That report sent the probability of a December rate cut to around 40%, according to the CME Group’s FedWatch.
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