The iShares Bitcoin Trust ETF (IBIT) was in the doldrums again today. Over the last five days the IBIT is down 5.40%, and it is off 6.30% in the year to date.
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According to the IBIT’s technical analysis, it has a Strong Sell consensus. This is based on 14 Bearish, 6 Neutral and 2 Bullish ratings.
Based on the activity of 832,562 investors in the recent quarter, the IBIT has a below sector average Neutral sentiment. In total 1.8% of all portfolios hold IBIT.
Today’s IBIT Performance
The IBIT was down 1.27% to $49.08 today. The main drag was the price of Bitcoin, which fell 1.54% to $86,502.01.
Bitcoin had rallied as high as $88,000 in early trading, but quickly gave up those gains. The latest decline coincided with a weak performance from AI-related stocks.
“Once again AI bubble fears and concerns over future monetary policy appear to be to blame,” Nic Puckrin, co-founder of Coin Bureau told CoinJournal.
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