CNBC host Jim Cramer has once again drawn attention to Bitcoin. He questions the cryptocurrency's stability and whether its supporters want to defend key price levels.
His comments came after Bitcoin quickly fell below the psychological level of 80,000 USD over the weekend.
Bitcoin passes 80,000 USD – shows weak support and price volatility
At the time of this article, Bitcoin is trading at 76,511 USD. The price has dropped 2% over the past day. This follows a sharp decline in the cryptocurrency market. Ethereum and other altcoins have shown similar patterns.
In several posts on X (Twitter) over the weekend, Cramer highlighted Bitcoin's recent fall below 80,000 USD. He called this a sign of the cryptocurrency's short-term volatility and investors' weak support.
Cramer, who has owned Bitcoin for a long time, criticized the market for structural problems.
"I write in How to Make Money in any Market that you must focus on profits instead of bitcoin, silver, or anything else that distracts you," he said. "But no one seems to ever learn, because we only focus on the macro year… around the clock… even though it is wrong all the time."
The CNBC host emphasized that even though Bitcoin makes headlines, fundamentals like corporate earnings are the best guidance for investors. Bitcoin's rapid price movements over the weekend reinforce Cramer's message.
"What happened to Bitcoin over the weekend shows how unreliable it is in the short term as a currency… I say this as someone who owns bitcoin," he emphasized.
By pointing to the rapid price movement, Cramer showed what he sees as a difference between the image of Bitcoin as a store of value and the actual price development.
Cramer mentioned several times the range of 80,000–82,000 USD as a "boundary." He was surprised that large holders and vocal Bitcoin supporters did not try to defend the price level.
He also questioned the timing and investment of those who want to defend Bitcoin. He pointed out that they had a short time to raise the price to 82,000 USD to create a so-called double bottom.
As a long-term Bitcoin holder, he pointed out that these supporters seem to be missing at a critical time for the cryptocurrency.
MicroStrategy, Saylor, and Bitcoin: Short-term movements are driven by stakeholders and narrative
Cramer also commented on MicroStrategy (now Strategy Inc.) and the company's chairman Michael Saylor, who is a well-known Bitcoin advocate.
The company is set to report results on February 5. He believes that the stock and Bitcoin may be subjected to coordinated attacks from short sellers.
"Saylor reports this week, February 5. So short sellers are probably trying to pressure him before that," wrote Cramer.
He also sarcastically suggested that Saylor should try to influence Bitcoin's price to create a temporary positive trend.
Despite his skepticism, Cramer acknowledged that the price could recover. If Bitcoin is at 77,000 USD, a quick influx of buyers could push the price up to 82,000 USD.
However, his post shows a recurring theme: Bitcoin's short-term movements depend heavily on support from influential figures and narratives, not just organic demand.
Cramer's comments highlight the tension between investor optimism, psychology around price, and the reality of the market.
Breaking 80,000 USD could test both Bitcoin's resilience and whether its defenders are really acting. It raises questions about how much of Bitcoin's short-term price movements are driven by fundamentals compared to narratives and emotions.