ME News reports that on September 4 (UTC+8), CryptoQuant analyst Axel Adler Jr. noted that Bitcoin is approaching the threshold for a bullish market condition. Over the past 24 hours, the price rose 3.9%, while open interest increased by 11,200 BTC (+3.4%), indicating that this rally is driven primarily by rapid expansion of futures leverage rather than short covering. Bitcoin has directly reached the threshold of the bullish model but has not yet been officially confirmed. The key signal will be a daily closing price above the model’s dynamic threshold. If the price can sustain this level after the transition and accumulated futures leverage does not undergo a sharp liquidation, the signal will be more sustainable. The main risk is that rapid deleveraging could reverse the upward momentum. (Source: ChainCatcher)
Bitcoin Near Bullish Threshold, But Rally Driven by Futures Leverage
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Summary
Bitcoin is showing signs of a bullish trend as it approaches a key threshold. The price rose 3.9% in 24 hours, with open interest increasing 3.4% to 11,200 BTC. The market rally appears driven by expanded futures leverage rather than short covering. A daily close above the dynamic threshold is required for confirmation. Sustained strength depends on avoiding sharp liquidations. Rapid unwinding remains a key risk.
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