BTC retakes $90,000 ahead of potential volatility in the U.S. session

Bitcoin surged past $90,000 on Monday, extending gains from early Asian and European sessions, while futures open interest climbed steadily across major exchanges. BTC traded near $87,700 in Asia before breaking through $90,000 in European afternoon hours, though caution persists as U.S. markets prepare to open.

In recent weeks, bitcoin has shown a recurring pattern: early support during Asia and Europe often fades once U.S. investors return, making the New York session a critical test for sustaining rallies. Previous pushes above key thresholds, including $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 underscore rising risk alongside the price. Bitcoin futures open interest rose steadily on Monday, approaching $60 billion across major venues, according to CoinGlass. Binance, CME, and Bybit all reported notable increases, suggesting fresh leverage entering the market rather than just short covering.

The key question is whether the rally is supported by spot demand or increasingly dependent on leveraged futures. Rising open interest with the price does not automatically signal danger, but it heightens risk: if momentum continues, leverage can amplify gains; if it falters, crowded long positions could unwind rapidly.

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