PANews reported on September 24th that according to official analysis from Matrixport, this Bitcoin cycle is dominated by institutions. Unlike the previous five bull markets, this overall upward trend has seen three phased bull runs, compared to only two in the 2020-2021 cycle. It is worth noting that the 21-week moving average, a useful indicator of trend strength, is considered the dividing line between bull and bear markets. Currently, this moving average is at $109,900. If Bitcoin prices remain above this level, the bull market trend is expected to continue; if it falls below this level, it may enter a more challenging phase.