In the search for something to say about Bitcoin (BTC), we took a look at total crypto market cap (TOTAL). At $250 billion, there is a tremendous horizontal resistance at that level. That is going to make it hard for Bitcoin to go any higher without an active bullish catalyst.
This resistance is not a bummer. It just may mean alts, particularly smaller alts, may start taking off.
Bottom Line: The resistance for Bitcoin (BTC) is more significant than we thought. $250 billion in total crypto market cap looks like a brick wall. Since Bitcoin is not backing off, we are naturally staying positive. We think the upside action may lie elsewhere in the crypto space.
This resistance is not a bummer. It just may mean alts, particularly smaller alts, may start taking off.
Bottom Line: The resistance for Bitcoin (BTC) is more significant than we thought. $250 billion in total crypto market cap looks like a brick wall. Since Bitcoin is not backing off, we are naturally staying positive. We think the upside action may lie elsewhere in the crypto space.
