Bitcoin today: BTC surpasses US$ 90,000 but turns to decline and drags cryptocurrencies down

Source: PortaldoBitcoin Original Title: Bitcoin today: BTC surpasses US$ 90,000 but turns to decline and pulls cryptocurrencies down Original Link: https://portaldobitcoin.uol.com.br/bitcoin-hoje-btc-chega-a-superar-us-90-mil-mas-vira-para-queda-e-puxa-criptomoedas/ Bitcoin reached over US$ 90,000 during the early hours of Monday (29), but reversed gains and turned to a slight decline this morning, dragging the performance of major alternative cryptocurrencies along.

Around 8:30 AM, Bitcoin was traded at US$ 87,638, down 0.2%, in a day that is expected to follow recent trading sessions with lower volume due to year-end holidays. In reais, the cryptocurrency is traded at R$ 486,288.

Ethereum is up 0.6%, to approximately US$ 2,962, after rising by 2% earlier. XRP is nearly stable, quoted at US$ 1.87. Solana and Dogecoin recorded gains of 0.6% and 1%, respectively, after larger gains during the early hours.

The decline is consistent with the weakness of futures tied to foreign stock indices. This morning, futures linked to the Nasdaq 100 index, heavily composed of technology companies, were trading down 0.5% for the day, indicating a cautious start to trading on this Monday.

BTC and the Nasdaq share a strong positive correlation, which becomes more pronounced during Nasdaq’s downward trends.

The retreat led investors to slightly reduce their leveraged bets. Data from a market analysis platform shows that open interest in globally listed futures contracts fell to about 533,000 BTC, from 540,000 BTC recorded earlier today. Open interest had surged from 524,000 BTC when Bitcoin’s price rose to US$ 90,000.

“An interesting trend to observe has been the noticeably weaker performance during US time zones (both BTC and ETH fell more than 3% during US trading hours last week, offset by gains during Asian trading hours), probably driven by selling pressure from end-of-year tax flow,” said analysts.

According to them, this occurs as cryptocurrencies have shown a much weaker performance among global assets this year.

A technical analysis expert signaled an optimistic outlook for Bitcoin. “The Bitcoin price chart looks very promising for higher prices in the future, but there is less certainty in the short term. I continue to expect the market to move sideways or show a slight decline in the coming weeks/months, and I plan to increase my long positions between US$ 71,000 and US$ 84,000,” he said.