Wanderers have lost only one of six Premier League fixtures so far this season and on Sunday held Manchester United to a 2-2 draw in a game from which they might have taken all three points.
Coyle had spoken beforehand of how the match at the Reebok Stadium would provide a gauge of his side's progress since he was appointed as manager in January.
The performance suggested the fluid attacking style the 44-year-old has tried to introduce is combining well with Bolton's more traditional physical qualities, but Coyle insists there is still a long way to go in terms of the team's development.
"We are not anywhere near where I would like us to be," Coyle said.
"This is very much a work in progress, but we are hopefully evolving day by day and trying to get better in certain aspects.
"We don't lose sight of the attributes we already have at the football club though and ultimately we try to play to our strengths.
"We have only lost one game in the Premier League at Arsenal in controversial circumstances, so we are hopefully getting there bit by bit.
"We are improving and we need to start turning draws into wins, but certainly there is a lot to be pleased about."
Bolton were facing a battle to stay in the top flight when Coyle took over and were defeated 4-0 at home by United in March.
In the end they finished nine points clear of the relegation zone though, and Coyle admits Sunday's match showed how the mood in the camp has transformed during his time in charge.
"If you had looked at us when I took over in January, we were in the bottom three and it was a team that was low on confidence," Coyle said.
"They were fragile and they hadn't had a shut-out in any of the previous league games that season.
"If you compare that to the energy and belief we showed last week, then hopefully we are going in the right direction, but it doesn't take six or nine months for all of that to come to fruition. It takes a long time to build."
One player who is certainly buying into Coyle's long-term vision is midfielder Stuart Holden, who has signed a contract extension which keeps him at the club until 2013.
"I'm really excited because I love being at the club. I couldn't ask to be around better fans, management staff and players," said the 25-year-old American, who joined in January from Houston Dynamo.
"I think the gaffer has brought a confidence to the club and a belief that we can play against the top teams in the Premier League.
"With the players that he has brought in and the players that were here already then I believe that we can do special things in the coming seasons."
Source: Team Talk
Source: Team Talk