Bitcoin surged past $90,000 on Monday as futures open interest climbed steadily across major exchanges, signaling rising leverage in the market. BTC traded around $87,700 in Asian hours before breaking above $90,000 in European afternoon sessions, though caution remains ahead of the U.S. trading day.
A recurring pattern has emerged in recent weeks: rallies during Asia and Europe often falter once U.S. investors return. The New York session has become a key test for sustaining gains, with previous pushes above $90,000 frequently reversing as traders hedge and take profits, sometimes triggering hundreds of millions in liquidations.
Derivatives data highlight growing risk alongside the price. Bitcoin futures open interest approached $60 billion across major platforms, according to CoinGlass. Binance, CME, and Bybit all saw notable increases, suggesting fresh leverage entering the market rather than just short covering.
The main question for bulls is whether the rally is supported by spot demand or increasingly reliant on leveraged futures. Rising open interest doesn’t automatically signal trouble, but it does raise stakes: if momentum holds, leverage can amplify gains; if it stalls, crowded long positions could unwind quickly.
Holding $90,000 during U.S. trading hours is critical. A failure to maintain the level could reinforce the market’s pattern of lower highs and rapid pullbacks, while a sustained break above $90,000 would mark a departure from the “sell-the-open” behavior that has dominated much of December.
