Bitcoin reclaimed the $90,000 level as price moved higher during Asia- and Europe-trading hours, but traders warned that the upcoming U.S. session could determine whether the rally sustains itself. The pattern observed recently has shown rallies fading when U.S. market activity returns.
Futures market activity intensified, with open interest rising toward $60 billion across major venues. Binance, CME, and Bybit posted notable increases, signaling fresh leverage entering the market rather than short-covering alone.
Analysts caution that the key question is whether the strength is driven by spot demand or leveraged futures. While rising open interest alongside price does not automatically signal trouble, it raises the stakes for a sustained move. If the rally holds, leverage could amplify gains, but a stall could trigger rapid pullbacks as long positions unwind.
A move above $90,000 would mark a break from the December sell-the-open pattern. Conversely, failure to hold the level could reinforce the pattern of quick pullbacks.
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