The Bitcoin Investment Trust (IBIT) has recently experienced a close below its 8-day exponential moving average (EMA) for the first time since its rally began, prompting some investors to take profits and hedge against potential dips. Despite this, some traders remain optimistic about Bitcoin's price, forecasting it could reach $120,000 by the end of the second quarter of 2025. Market activity indicates a cautious stance among IBIT traders, with a decline in call option buying as Bitcoin's price trades sideways around $106,000 to $110,000. Additionally, the 90-day rolling volatility of IBIT has reached its lowest level on record, attracting larger investors who view the trust as a form of digital gold rather than a typical tech stock. Recent options activity includes buyers purchasing June 27th $63 calls and calls for the following week, reflecting ongoing interest in IBIT despite the current price consolidation.