The iShares Bitcoin Trust (IBIT) was back in the good books today. It is now down 4.97% over the past 5 days and off 6.58% in the year to date.
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According to TipRanks’ technical analysis, the IBIT is now at a Sell consensus based on 13 Bearish, 4 Neutral and 5 Bullish ratings.
Based on the activity of 829,561 investors in the recent quarter, it has scored a below-sector-average negative sentiment. Those investors aged over 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 3.01% at $51.05 in late trading. The main driver was the price of Bitcoin, which rose 3.05% to $89,984.97.
The lead-up to the Thanksgiving holiday may have helped. “Bitcoin volatility is rolling over since hitting the highest level since April this year as the market is trading on lower volumes during the week of Thanksgiving,” said Jasper De Maere, desk strategist at Wintermute. “Thin markets can soften sharp swings.”
Renewed hopes of an interest rate cut by the Fed next month also helped sentiment.
Let’s see how Bitcoin returns after the short break – ready for trimmings or eager to add on more meat?
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