Glassnode analysts have explained who is responsible for Bitcoin’s poor performance – and why the $ 45,000 level is important to its rally.

Asian sales power lost

Online analyst Johannes from @ultravirtu used Twitter to compare the performance of Asian, European and American traders in the Bitcoin (BTC) market over the past few years.

1/2 Some details of @glassnodeEngine room from: breakdown #Bitcoin The hourly price movement suggests an unprecedented amount of sales from Asia are behind the current downturn. pic.twitter.com/FVpILgIgky

– Johannes (@ultravirtu) December 17, 2021

According to Glassnode’s on-chain data, the massive “sale” from Asia is one of the main reasons behind the current price drop in Bitcoin (BTC).

At the same time, the dynamics of this catalyst seem to weaken over time. Instead, the opposite factor, promoted by US and EU traders, is increasing.

As previously reported by U.Today, the sales force also came from the Asian market meetings in March 2021.

Bloomberg analysts base this theory on their analysis of the intraday lows and highs during the trading sessions in early March.

Levels seen: $ 45,000, then $ 42,000

Another Glassnode analyst, @TXMCtrades, examined the behavior of long and short term holders of the leading cryptocurrency.

According to him, the newly formed Bitcoin (BTC) is currently under water.

1 / beginning of December, #Bitcoin looked for a second exit at ???? Short term home ownership cost base near $ 53,000 which should signal demand.

This price has failed and short-term holders (<5 months coin holders) are holding and currently giving out at a loss.

What’s next? ???? pic.twitter.com/Og1LFc7adR

– TXMC (@TXMCtrades) December 18, 2021

Long-term owners reach a critical point where their bags appreciate 2.5 times in value. Historically, if this level is held it is an indication of strong demand for Bitcoin in the short term.

Otherwise, it will take several months for Bitcoin (BTC) to recover. If their estimates work at this point, the Bitcoin (BTC) cops will have to defend $ 45,000.

Plus, it’s near 50% of this year’s price range. The combination of these factors confirms that stocks over $ 45,000 are critical to Bitcoiners (BTC).

At the same time, a move below $ 42,000 is sure to seal the deal for Bitcoin (BTC) bears as the leading crypto asset “will make price movements worse,” says one analyst.