Bitcoin Climbs Above $90,000 in European Trading as U.S. Session Poses Key Test

Bitcoin (BTC) surged from around $88,000 during Asian trading hours to above $90,000 in the European afternoon on Monday, extending its recent pattern of strength outside U.S. market hours. At the time of writing, BTC was trading near $89,786, reflecting renewed bullish momentum that has characterized recent sessions in Asia and Europe. However, despite the price recovery, caution remains high as U.S. traders prepare to enter the market, a period that has frequently challenged recent rallies.

In recent weeks, Bitcoin has often found early support during Asian and European sessions, only to lose momentum once U.S. markets open. This recurring dynamic has turned the American trading hours into a critical test for whether BTC rallies can sustain higher levels. Previous attempts to break above major psychological thresholds, including $90,000, have repeatedly reversed during New York hours as traders lock in profits and add hedges. These moves have frequently triggered sharp volatility, resulting in hundreds of millions of dollars in liquidations amid rapid price swings.

Derivatives data suggests that risk is increasing alongside the rising price. Bitcoin futures open interest climbed steadily on Monday, approaching $60 billion across major exchanges, according to CoinGlass. Platforms such as Binance, CME, and Bybit all reported notable increases, indicating that fresh leveraged positions are entering the market rather than the move being driven solely by short covering.

This pattern reinforces concerns that the current rally may be increasingly dependent on leveraged futures rather than strong spot market demand. While rising open interest alongside price does not automatically signal a reversal, it does heighten risk. If upward momentum continues, leverage could amplify gains. However, if buying pressure fades, crowded long positions could unwind quickly, leading to swift pullbacks.

For bullish traders, holding above $90,000 during U.S. trading hours will be crucial. Failure to do so could reinforce the recent trend of lower highs and quick reversals. A sustained breakout, however, would signal a shift away from December’s sell-the-open behavior and potentially strengthen Bitcoin’s broader bullish outlook.