Bitcoin pushed past $90,000 on Monday as futures open interest climbed steadily across major exchanges, signaling growing participation in leveraged positions. BTC traded near $87,700 in Asian hours before breaking through $90,000 in European afternoon trading, but caution remains as U.S. markets prepare to open.
A familiar pattern has emerged in recent weeks: rallies during Asia and Europe sessions often fade once U.S. investors enter, making the New York session a critical test for sustained gains. Prior attempts to hold levels above $90,000 have frequently reversed during U.S. hours as traders hedge positions and take profits, sometimes triggering hundreds of millions in liquidations.
Derivatives data show risk rising alongside price. Bitcoin futures open interest neared $60 billion across major venues, according to CoinGlass. Binance, CME, and Bybit all recorded notable increases, suggesting new leverage is entering the market rather than just short covering.
The key question for bulls is whether the rally is supported by spot demand or increasingly reliant on leveraged futures. Rising open interest with price doesn’t inherently signal danger, but it does heighten the stakes: sustained momentum could amplify gains, while a stall could trigger rapid unwinds of crowded long positions.
Maintaining $90,000 during U.S. trading hours is critical. A failure to hold the level could reinforce the market’s recent pattern of lower highs and quick pullbacks, whereas a sustained move above $90,000 would represent a potential break from the “sell-the-open” behavior that has dominated much of December.
