Bitcoin climbed 3.9% over the past 24 hours as open interest rose by 11,200 BTC, or 3.4%, signaling that the latest move was driven mainly by new futures leverage rather than short covering, according to CryptoQuant analyst Axel Adler Jr. The analyst said Bitcoin has reached the threshold of a bullish market model but has not yet confirmed a full transition. A daily close above the model’s dynamic threshold is the key signal. If Bitcoin holds that level and futures leverage avoids a sharp liquidation, the move could prove more sustainable. The main risk remains a rapid deleveraging event that could reverse the rally.