Bitcoin Bearish Amid Rumors of a $2.5 Billion Apple Purchase
July 16, 2021
There has been a frenzy across social media spaces over a spreading rumor of an Apple Bitcoin (BTC) purchase. This rumor carries that the tech giant would announce that it got back into the Bitcoin market with a recent $2.5 billion BTC purchase. One of the biggest proponents of this narrative is the business supplies and equipment company Galaxy Trading.
Meanwhile, CEO of ChainLeak Joshua Roomsburg commented on the potential rumor, noting that he will buy the new iPhone to memorialize the undertaking by Apple. He tweeted that:
“I won’t use it, I’ll just keep it as a souvenir for when #BTC started its climb to $100k. Imagine what alts will do!”
While many members took the new possibility as an exciting development, some are skeptical about it, highlighting Apple’s history with the benchmark cryptocurrency.
That said, analysts expect the announcement, if it is indeed true, to have a similar impact on the market as the Tesla BTC purchase in February. Following Tesla’s announcement, BTC spiked by about 20% on the same day.
Rumors of Apple buying into BTC began in late May after Apple started posting job vacancies highlighting the company’s interest in Bitcoin and cryptocurrency. Aside from this, Apple has not made any other suggestions or moves towards BTC.
Key Bitcoin Levels to Watch — July 15
Bitcoin suffered yet another bearish move yesterday, following a descent to the $31,600 support. However, the primary cryptocurrency was quick to rebound to the $33k resistance, where it currently struggles to break.
That said, we could see another decline to the $32k round figure if bulls lose their grip in the coming hours. However, we expect the $32k support, if fulfilled, to serve as a ramp for the primary cryptocurrency to retake the upper-$33k area.
Meanwhile, our resistance levels are at $33,000, $33,750, and $35,000, and our key support levels are at $32,000, $31,600, and $31,000.
Total Market Capitalization: $1.33 trillion
Bitcoin Market Capitalization: $611.1 billion
Bitcoin Dominance: 45.9 %
Market Rank: #1
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