According to ChainCatcher, Bitfinex analysts said that the lack of liquidity may continue until September, making it difficult for Bitcoin to overcome the resistance level of $63,900. The current price is difficult to break through the actual holding cost of $63,900 for short-term holders (STH). In addition, Mt.Gox and the US government still have nearly $15 billion in potential selling pressure. The US government holds more than 203,000 bitcoins worth $12.1 billion, and Mt.Gox will distribute another 46,000 bitcoins worth more than $2.7 billion. According to a report by Kaiko, a cryptocurrency analysis provider on August 29, Mt.Gox plans to distribute $2.7 billion on Kraken by the end of 2024, but it may not have too much impact on the market. Mt. Gox creditors did not sell a lot during the last major distribution of $4 billion. As of the end of July, Mt. Gox creditors received nearly $4 billion worth of BTC, accounting for 41.5% of the payments owed to users, and according to a July 29 report by Glassnode, most Mt. Gox creditors chose not to sell. “Creditors chose to accept Bitcoin instead of fiat currency, and only a small portion of the compensation Bitcoin will actually be sold on the market.”

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