Analysis: Bitcoin has officially transitioned from an early bull market into a bull market phase, with market structure leaning bullish.

BlockBeats news, September 26: CryptoQuant analyst Axel Adler Jr. stated that during the previous upward phase on August 20, Bitcoin's adjusted MVRV 30DMA/365DMA ratio crossed above its own 365-day moving average, and the market entered an "early bull" phase, when BTC was priced at $71,255. This phase lasted 31 days, with Bitcoin rising a total of 13%. On September 20, the ratio broke through the 1.0 baseline, with the short-term MVRV average exceeding the annual average, and the market officially entered a "bull" phase, with BTC priced at $80,691. Currently, the ratio is 1.018, with BTC at $84,156. As long as the ratio remains above 1.0, the market structure will remain bullish.