(MENAFN- Daily Forex)

• Bitcoin has essentially put most traders to sleep, but it's worth noting that initially during the day on Monday we did try to rally, only to turn around and serve falling again.
• That being said, the volume isn't particularly interesting at the moment, and I think the market just doesn't have anything else to do other than consolidate.
• This is mainly due to the fact that there just isn't much out there from a fundamental standpoint to get traders overly excited.

This isn't to say that the fundamental situation for Bitcoin won't change sometime soon, it's just that there isn't a whole lot going on at the moment to change the overall trajectory. At this point, Bitcoin needs something external to get it moving.

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Quite frankly, it's just not a market that looks that interesting for shorter-term traders right now. That being said, I do think that the longer term outlook is probably warranted at this point, as the market is still in the process of trying to figure out what exactly Bitcoin is. I know that there are plenty of cultists out there that sing the praises of Bitcoin, and while I do think that it's very interesting and it could be crucial in the future, the reality is that we have yet to see it used for anything on a large scale Government

I anticipate that Bitcoin is probably going to be waiting to see what the US Government does going forward, because the last couple of moves higher in this market have been based on what the United States is doing. The first one of course was the Wall Street ETF being approved by the SEC, and then the second one was the election of Donald Trump. While the Donald Trump administration is very pro-crypto, they've yet to do anything and at this point traders are waiting to see if anything actually comes of that.

Ultimately, this is a consolidation that I think probably sticks for a while, with the $90,000 level extending down to the $88,000 level as major support. Because of this, I think longer-term traders are just simply accumulating.

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