Analysis: Bitcoin Costs Short-Term Holders $63,900, Lack of Summer Liquidity to Extend into September

On August 30, Bitfinex analysts said that the lack of liquidity that has characterized the summer season will likely continue into September, making it difficult for bitcoin to overcome the $63,900 resistance level, with the price currently struggling to break above the actual cost of ownership of $63,900 for short-term holders (STHs).

Additionally, Mt. Gox and the U.S. government still have nearly $15 billion in potential selling pressure. The U.S. government holds more than 203,000 bitcoins valued at $12.1 billion, while Mt. Gox is set to distribute an additional 46,000 bitcoins valued at more than $2.7 billion. Mt. Gox plans to distribute $2.7 billion on Kraken by the end of 2024, according to an August 29 report from cryptocurrency analytics provider Kaiko, but that may not have too much of an impact on the market.Mt. Gox creditors didn't sell heavily during the last major $4 billion distribution. By the end of July, Mt. Gox creditors had received nearly $4 billion worth of BTC, or 41.5 percent of the payments owed to subscribers, and according to a July 29 report by Glassnode, most Mt. Gox creditors chose not to sell. Creditors chose to accept Bitcoin over fiat currency, and only a small portion of the compensated Bitcoin will actually be sold on the market.