Bitcoin's Weekend Plunge to $74K Draws Scrutiny: Cramer Questions Where the Bulls Have Gone
Bitcoin (BTC) tumbled over the weekend, shedding value to hover around $74,000—a level not seen since April 2025. The sudden drop has reignited debates about the cryptocurrency's inherent volatility and its role in the broader financial landscape.
CNBC's Jim Cramer publicly questioned the absence of Bitcoin's most vocal proponents during the slide. "Where are the bulls now?" he asked, pointing out that key technical supports were being tested. Cramer cited analyst Jessica Inskip, noting a potential support zone near $73,000, but stressed that Bitcoin needs to reclaim $77,000 to potentially rally back toward the low-$80,000s.
The commentary took direct aim at high-profile Bitcoin advocate Michael Saylor, Executive Chairman of MicroStrategy (MSTR). Cramer repeatedly wondered if Saylor had "dry powder" ready to deploy. Saylor appeared to respond indirectly with a Sunday tweet simply stating "more orange," hinting at further Bitcoin purchases by his firm.
While acknowledging his own Bitcoin holdings, Cramer framed the weekend volatility as a stark reminder of the asset's limitations for short-term transactions. "What happens in a weekend with Bitcoin demonstrates its unreliability, on a short-term basis, to function as a currency," he stated.
The analysis extended beyond crypto, suggesting the sell-off may be spilling into wider risk markets. Cramer theorized that leveraged traders in assets like metals might be liquidating equity positions to cover losses, creating broader market pressure. He advised investors to focus on corporate earnings and stock opportunities rather than getting distracted by macro-driven assets like Bitcoin or precious metals.
With MicroStrategy set to report earnings later this week, Cramer speculated that short sellers may be applying additional pressure. He warned that optimistic narratives from "the usual defenders" might not suffice if the price decline accelerates.
Market Voices React
David Chen, Portfolio Manager at Horizon Capital: "Cramer makes a fair point about short-term volatility, but he's focusing on the wrong timeframe. Institutional adoption is a multi-year trend. Weekend liquidity crunches are a known characteristic of the crypto market, not a revelation."
Rebecca Shaw, Independent Financial Advisor: "This is a healthy correction. The $73K support level is critical. If it holds, we could see consolidation before the next leg up. Saylor's continued accumulation is a strong signal for long-term believers."
Marcus Thorne, Editor at 'Crypto Skeptic' Newsletter: "It's about time someone called this out. The 'digital gold' narrative collapses every time it crashes 10% in a weekend. Where are the bulls? They're silent because the 'store of value' argument looks absurd during a panic sell. This is pure speculation, not an investment."
Anita Lopez, Retail Investor: "It's stressful, but I'm holding. The technology and the long-term adoption story haven't changed because of one bad weekend. This feels like normal market behavior, just amplified."