- Bitcoin fell below $88,000 after topping $90,000 earlier, dragging major altcoins lower.
- Major altcoin prices retraced: XRP $1.88, ETH $2,970, SOL $125.79, DOGE $0.1254.
- Crypto declines matched weakness in Nasdaq 100 futures, and open interest in futures contracts fell to about 533,000 BTC.
- Analysts note U.S. trading hours have shown relative underperformance, while one strategist signaled a longer-term bullish view with near-term sideways risk.
Bitcoin fell below $88,000 on Monday after briefly rising above $90,000 earlier in the day, puncturing recovery rallies across major alternative cryptocurrencies (see image).
Prices tracked CoinDesk data and showed pullbacks in XRP ($1.88), ETH ($2,970), SOL ($125.79) and DOGE ($0.1254).
The CoinDesk 20 Index (CD20) slipped to about 2,726 from an earlier high near 2,789. Futures tied to the Nasdaq 100 traded about 0.5% lower, signaling a cautious U.S. open. Wintermute noted that BTC and the Nasdaq have a strong positive correlation that intensifies during Nasdaq downtrends.
Cumulative open interest in futures (the total number of outstanding derivative contracts) fell to roughly 533,000 BTC from about 540,000 BTC earlier in the session. Open interest had risen from near 524,000 BTC as the Bitcoin Price climbed toward $90,000. Futures (contracts to buy or sell an asset at a set price on a future date) activity led traders to slightly scale back leveraged positions.
Analysts at Laser Digital highlighted a pattern of weaker performance during U.S. trading hours. "An interesting trend to take note of has been the distinct underperformance during the US timezone. (both BTC, ETH down 3%+ over US hours [last week] offset by strength during Asian hours) driven most likely by selling pressure coming from the year-end tax harvesting flow as crypto has been a large underperformer among global assets this year," they wrote.
John Glover, chief investment officer at crypto lender Ledn, expressed a cautious bullish view. "The Bitcoin price chart looks very promising for higher prices in the future, but less certainty in the near term. I continue to look for the market to trade sideways to slightly lower in the coming weeks/months, and look to add to longs between $71k and $84k," he said.
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