Bitcoin encountered resistance at $94,000, subsequently retreating to $87,000 as selling pressure intensified and market liquidity decreased. Futures open interest saw a slight decline, reflecting cautious risk aversion among traders. On-chain data highlighted perpetual contracts' cumulative volume delta (CVD) falling below the lower bound, indicating strong selling activity. Despite a decrease in active addresses, entity-adjusted transfer volume reached a peak, suggesting significant capital movement within the market. Transaction fees have eased, while ETF inflows provided some support, although the ETF market value to realized value (MVRV) ratio dipped. The market remains in a consolidation phase, with mixed signals regarding a potential rebound.