Bitcoin's price remains below $90,000, with on-chain data indicating increased structural risk. The Inter-Exchange Flow Pulse (IFP) has turned red, suggesting weaker liquidity and heightened sensitivity to small trades. Historically, a declining IFP precedes sharp price movements, raising concerns about potential volatility. Currently trading between $89,000 and $90,000, Bitcoin struggles to reclaim key moving averages. Trading volume is down, reflecting a fragile market environment. Until liquidity conditions improve, risk appetite is likely to remain subdued, with traders cautious of potential price swings.