The iShares Bitcoin Trust (IBIT) started the week on a high. It is now down 6.81% over the past 5 days and off 9.58% 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, 1 Neutral and 6 Bullish ratings.
Based on the activity of 829,425 investors in the recent quarter, it has scored a below sector-average 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 up 4.65% at $50.20 in late trading. The main driver was the price of Bitcoin, which rose 1.85% to $88,401.68.
As reported by FX Street, analysts at wealth manager Swissblock said that Bitcoin has taken its first real step toward forming a bottom. “The Risk-Off Signal is dropping sharply, which tells us two things: selling pressure has eased, and the worst of the capitulation is likely behind us, for now,” it said.
Growing expectations of an interest rate cut by the Federal Reserve next month also helped sentiment. Cuts are typically bullish for assets such as Bitcoin.
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