Bitcoin rose 3.9% over the past 24 hours while open interest increased by 11,200 BTC, or 3.4%, indicating that rapidly expanding futures leverage rather than short covering drove the move. CryptoQuant analyst Axel Adler Jr. said Bitcoin has reached the threshold of a bullish market model but has not yet received formal confirmation. The key requirement is a daily close above the model’s dynamic threshold. Holding that level after the transition, without severe liquidation of accumulated futures leverage, would make the signal more durable. A rapid unwinding of leverage remains the main risk to the advance.