Bitcoin continues to trade below the $94,000 mark, unable to overcome this critical resistance level for the past month. On-chain data indicates a lack of strong demand, with Bitcoin retreating to the $89,000-$90,000 range after several unsuccessful attempts to break higher. Demand metrics and realized profit and loss figures are at their lowest since July 2022, highlighting persistent buyer pressure. Despite long-term liquidity indicators remaining positive, a significant capital influx is necessary to propel Bitcoin above the $100,000 threshold. The current market conditions suggest that without increased demand, Bitcoin may continue to face challenges in achieving new highs.