The price of Bitcoin (BTC) rose from the level of $88,000 during Asian trading hours to above $90,000 in the European afternoon on Monday, but reasons for caution remain as the opening of the US markets approaches.

In recent weeks, Bitcoin has been accustomed to finding early support during Asian and European sessions, before later retreating as American investors enter the market.

This behavior made the US session a critical test to see if the current highs are sustainable or not.

In previous attempts to break through significant psychological levels — including the 90,000 dollar level — the market often saw reversals during New York hours, with increased hedging and profit-taking, sometimes leading to the liquidation of positions worth hundreds of millions of dollars amid sharp volatility.

⚠️ Derivatives increase the level of risk

Derivatives data indicates increasing risks in parallel with rising prices.

The open interest for Bitcoin futures has steadily increased alongside the price, approaching 60 billion dollars across major platforms, according to CoinGlass data.

Both Binance and CME and Bybit recorded notable increases, indicating new leverage entering the market, rather than just the closing of short positions.

This pattern — price strength outside US trading hours followed by selling pressure when US traders enter — has become frequent in recent weeks.

🔍 Where is the problem?

The current concern is not the breakout itself, but whether this rise is supported by real demand in the spot market or increasingly relies on leveraged futures.

It is true that an increase in open interest along with price does not necessarily mean an imminent danger, but it raises the level of risk:

If momentum continues, leverage may double gains.

However, if momentum slows, the accumulation of long positions could lead to rapid and sharp corrections.

📉 Potential scenarios

Bitcoin's failure to maintain the 90,000 dollar level during the US session could reinforce the pattern of descending peaks and rapid pullbacks.

In contrast, stability above this level would represent a clear break from the 'sell at the US open' behavior that characterized market movement throughout most of December.