Glassnode explains who is responsible for Bitcoin’s deteriorating performance

According to Glassnode, responsible for Bitcoin‘s lackluster performance and why $ 45,000 is important to its recovery.

That’s who is pushing the price of Bitcoin down

Asian bitcoin traders could be the ones holding back the crypto king from entering the next phase of the rally. Accordingly, on-chain analyst Johannes, user @ultravirtu, used Twitter to compare the performance of Asian, European and American traders in the Bitcoin market in recent years.

“Some lessons from Glassnode’s engine room: The breakdown of Bitcoin price movements by business hours shows an unprecedented amount of sales from Asia as the driving force behind the current downturn,” said pragmatist Johannes.

The source: Johannes / Twitter

Glassnode’s on-chain data shows that massive sales from Asia are one of the main reasons behind the current drop in Bitcoin prices.

Meanwhile, the dynamics of this catalyst seem to weaken over time. Instead, the opposite is increasing, reinforced by US and EU traders.

https://twitter.com/ultravirtu/status/1471883108945469446?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
In March 2021, sales came from the Asian market meetings. Bloomberg analysts developed this theory based on their analysis of the intraday lows and highs during the trading sessions in early March.

According to Glassnode analyst TXMC, the behavior of long- and short-term holders of the leading cryptocurrency suggests that new Bitcoiners are currently under water.

“By December, Bitcoin believes it is a second increase in its short-term home ownership cost base near $ 53,000, which should signal demand. This price failed and the short-term holders (coin owners)

The source: TXMC / Twitter

Long-term owners reach a crucial moment when their bags appreciate 2.5 times in value. Historically, if held at this level, it will show strong demand for Bitcoin from the company’s perspective. Otherwise, it will take months for Bitcoin to recover. If their estimates work at this point, bitcoin bulls will have to defend $ 45,000.