Bitcoin is approaching the threshold for entering a bull-market phase but has not officially crossed it, according to on-chain analyst Axel Adler Jr. The cryptocurrency rose 3.9% over 24 hours while futures open interest (the value of outstanding contracts) increased by 11,200 BTC, or about 3.4%. Open interest briefly climbed by 15,200 BTC over six hours, while long positions were established during 15 of the past 24 hours. Adler said the simultaneous rise in price and open interest points to fresh futures leverage rather than short covering. A daily close above the model's bullish-reversal threshold would confirm the transition, while a rapid unwinding of leverage could trigger a pullback.