Bitcoin climbed above $90,000 on Monday, extending gains from Asian and European trading hours, as futures open interest steadily increased across major venues. BTC traded around $87,709 in early Asian sessions before breaking through $90,000 in European afternoon trading. However, caution remains as the U.S. session approaches.

In recent weeks, bitcoin has shown a familiar pattern: early support during Asia and Europe trading often fades once U.S. investors return. This dynamic has made the U.S. session a critical test for sustaining rallies. Previous pushes above key levels, including $90,000, have frequently reversed during New York hours as traders add hedges and take profits, sometimes triggering hundreds of millions in liquidations.

Derivatives data highlight rising risk alongside the price surge. Bitcoin futures open interest climbed steadily on Monday, approaching $60 billion across major exchanges, according to CoinGlass. Binance, CME, and Bybit all saw notable increases, signaling fresh leverage entering the market rather than short covering alone.

The concern is not the breakout itself, but whether the rally is underpinned by genuine spot demand or increasingly reliant on leveraged futures. Rising open interest alongside price does not automatically indicate trouble, but it raises the stakes: if momentum holds, leverage can amplify gains, but a stall could trigger rapid pullbacks as crowded long positions unwind.

For bulls, the key test is maintaining $90,000 through U.S. trading hours. A failure to hold the level could reinforce the market’s recent pattern of lower highs and quick reversals. Conversely, a sustained move above $90,000 would represent a break from the “sell-the-open” behavior that has dominated much of December.