Breakthrough of the orange line! This round of the 'bitcoin:native bear-to-bull transition phase' is officially complete 2019 'Bear-to-bull transition phase' lasted 74 days 2023 'Bear-to-bull transition phase' lasted 61 days 2026 'Bear-to-bull transition phase' lasted 62 days ┌── Indicator Details ──┐ Black line: Bitcoin circulating market cap Orange line: Bitcoin circulating market cap 365-day moving average Blue line: Bitcoin on-chain long-term holder total market cap 365-day moving average