Jim Cramer says BTC cannot be destroyed, Bitcoin OI reaches $19 billion

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Bitcoin price is in an uptrend, rising above the mid-line of the weekly supply zone. This is a bullish move and indicates that the main trend is likely to continue. However, as markets continue to bask in optimism about this breakout, recent comments from former hedge fund manager and CNBC’s Mad Money host Jim Cramer are raising eyebrows.

Bitcoin holdings hit $19 billion

Bitcoin’s Open Interest (OI) shows the sum of all open long and short positions on the cryptocurrency king, which currently stands at $19.03 billion.

Source: Coinglass

Reuters reported that financial regulators may make a decision between February and January 3, and the market expects the SEC to approve a spot Bitcoin ETF, resulting in huge open positions.

Amid this expectation, a typical combination of FOMO (fear of missing out) and a “buy the rumor, sell the truth” situation caused the Bitcoin price to rise by 7% on January 7, breaking the midline of the weekly supply (neutral threshold). Area price is $43,860. A breakout and close above this level is a good sign that the main trend is likely to continue. Supply barriers extend from $40,387 to $46,999.

Bitcoin price chart. Source: TradingView

With this increase, short positions were liquidated at $44.43 million, while long positions were liquidated at $17.37 million. This means that the expectations of traders holding short BTC positions are being challenged as the trend continues to favor long positions.

Source: Coinglass

Jim Cramer says BTC cannot be destroyed

Jim Cramer’s positive comments on BTC come as a surprise amid the apparent optimism in the market. Speaking on CNBC, he declared Bitcoin “indestructible,” adding:

“It cannot be destroyed; technology is here to stay.”

Cramer also described the King of Cryptocurrencies as “a technological marvel that will be around forever,” while acknowledging that “the SEC has been fighting it.”

🚨 JUST IN: Jim Cramer claims Bitcoin is indestructible, saying: “It can’t be killed; it can’t be destroyed.” Technology is here to stay. ” 🚀

“This is an everlasting technological marvel! The SEC has always opposed it”

“It’s been an unexpected and extraordinary comeback.” #bitcoin… pic.twitter.com/6jDVgD9SSP

— Good morning crypto (@3TGMCrypto) January 2, 2024

Despite comments that the Mad Money host may have reversed his previous bearish stance on Bitcoin in the face of the possibility of a spot BTC ETF being approved, his reputation as the “Inverse Cramer” cannot be ignored.

For example, in February, the TV host said Silicon Valley Bank (SVB) stock was priced at $320. However, as of March 30, the stock was worth just 1 cent.

In early March, Cramer asked investors to sell their Bitcoin (BTC). However, two weeks after that comment, the cryptocurrency king’s share price ended up rising by around 20%.

Over time, market participants became increasingly convinced that the easiest way to win big was to do the opposite of Cramer’s advice.