Bitcoin hits $90,000 again, with U.S. market action in focus

Bitcoin extended its rally on Monday, climbing above $90,000 as futures open interest rose steadily across major exchanges. BTC traded around $87,700 during Asian hours before breaking through $90,000 in European afternoon sessions, though caution remains ahead of the U.S. trading day.

Recent weeks have shown a familiar pattern: early support in Asia and Europe often fades once U.S. investors return. The New York session has become a key test for sustaining rallies, with prior attempts above $90,000 frequently reversing as traders hedge and take profits, sometimes triggering hundreds of millions in liquidations.

Derivatives data reflect rising risk alongside the price. Bitcoin futures open interest approached $60 billion across major platforms on Monday, according to CoinGlass. Binance, CME, and Bybit all reported notable increases, signaling fresh leverage entering the market rather than mere short covering.

The central question is whether the rally is underpinned by spot demand or increasingly reliant on leveraged futures. Rising open interest with price doesn’t inherently signal danger, but it does raise stakes: sustained momentum could amplify gains, while a stall might trigger rapid unwind of crowded long positions.

For bulls, holding $90,000 during U.S. trading hours is critical. A failure to maintain the level could reinforce the market’s recent pattern of lower highs and quick pullbacks. Conversely, a sustained move above $90,000 would mark a potential break from the “sell-the-open” behavior that has characterized much of December.