The iShares Bitcoin Trust (IBIT) had a wonderful Wednesday. It is now up 7.71% over the past 5 days but down 2.60% in the year-to-date.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
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 830,534 investors in the recent quarter, it has scored a below sector-average neutral sentiment. Those investors aged under 35 have been the most active buyers.
In total, 1.9% of all portfolios hold IBIT.
Today’s IBIT Performance
Today, the IBIT was up 2.26% at $52.84. The main driver was the price of Bitcoin, which rose 2.03% to $93,159.
Bitcoin has suffered in recent days as investors fretted about the U.S. economy, whether AI is a bubble or not a bubble and whether the Fed will or will not cut interest rates this month. However, the start of the week has seen optimism make its arrival – maybe it’s the festive season.
“We’re not out of the woods yet, but December may be shaping up to be a far better month than its predecessor, and a Santa rally is certainly not off the cards,” Coin Bureau investment analyst and co-founder Nic Puckrin said.
10X Research added: “Bitcoin continues to rely heavily on institutional flows, which naturally slow in the middle of the month, making a sustained breakout less likely. With that said, the break above $92,000 does open the path toward a retest of $100,000.”
Power up your ETF investing with TipRanks. Discover the Best AI ETFs, carefully curated based on TipRanks’ analysis