Analyst: Bitcoin is approaching the bullish threshold, but this round of increase is driven by futures leverage

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin is approaching the threshold for a bullish market state. In the past 24 hours, the price has increased by 3.9%, and open contracts have risen by 11,200 BTC (+3.4%), indicating that this round of increase is accompanied by a rapid expansion of futures leverage, with new leverage being the main driving force rather than short covering.

Bitcoin has directly touched the threshold of the bullish model but has not yet been officially confirmed. The key signal is that the daily closing price stands above the model's dynamic threshold. If the price can hold this level after the transition and the accumulated futures leverage does not experience severe liquidation, the signal will be more sustainable. The main risk is that a rapid unwinding of leverage could lead to a reversal of the upward trend.