[Analyst: Bitcoin Nearing Bullish Threshold, But Current Rally Driven by Futures Leverage] CryptoQuant analyst Axel Adler Jr. noted in a post that Bitcoin is approaching the threshold of a bullish market state. Over the past 24 hours, the price has risen by 3.9%, with open interest increasing by 11,200 BTC (+3.4%), indicating that the current rally is accompanied by a rapid expansion of futures leverage. New leverage inflows are the primary 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 a daily closing price above the model's dynamic threshold. If the price can hold this level after transitioning and the accumulated futures leverage does not experience significant liquidations, the signal will be more sustainable. The main risk is that a rapid unwinding of leverage could lead to a reversal of the rally.