Bitcoin closed above its 365-day moving average for the first time since March 2023, breaking a long-term trendline that has accurately identified the beginning of every bull run since 2019. The price surged into the $85,897 zone and absorbed a large sell wall that had constrained the market since mid-August. Reports from Glassnode and CryptoQuant say the move above the psychological $80,500 level has placed the market in a confirmed uptrend. Bitcoin's MVRV ratio, which compares market value with investors' cost basis, also moved above its long-term average, indicating that average network-participant profitability has returned to growth. Glassnode identified similar conditions at the start of the 2019 and 2023 macro cycles, after extended capital accumulation. The SOPR index indicates that profit-taking is being absorbed by strong spot demand, while large holders have begun moving in the same direction as exchange traders for the first time in three years, ending the prolonged downtrend of recent months. CryptoQuant researchers urged pragmatism, saying the market in fall 2026 is more dependent on U.S. spot ETF inflows and Federal Reserve monetary-policy decisions than previous cycles. Buyers now need to defend $80,500 as support; if it holds through local tests, traders will face the $88,000-$90,000 zone, with a break above it potentially opening the way to new all-time highs under historical models.