Based on past experience, this suggests that bullish momentum may be building up in the near future as old Bitcoin holders return to the market. Currently, Bitcoin appears to be consolidating around the $62,000 range.

The increase in trading volume suggests that Bitcoin could be preparing for a more significant move in the market, potentially retesting the $65,000 mark.

Traders are watching to see if this influx creates sustained upward pressure or is just a temporary bounce, with the $65,000 resistance level remaining a key level to watch. If this level is broken, BTC could continue its strong upward momentum, but if BTC loses its current support level, the price could fall back to the $50,000 range.

Meanwhile, analysts at research and brokerage firm Bernstein have reiterated their prediction that Bitcoin could hit a new record high in the range of $80,000 to $90,000 if Donald Trump wins the US election next month.

This year, Trump has repositioned himself as a pro-crypto candidate, accepting cryptocurrency for campaign donations and outlining policies like making the United States a Bitcoin mining “powerhouse,” appointing a crypto-friendly SEC chairman, and establishing a national Bitcoin strategic reserve fund.