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.

DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice.  The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: https://blog.tokenmetrics.com/disclosures/.