American Traders Lead on Bitcoin Rally, While Asian Traders Are Not So Bullish

In the graph above, we plot the 10-day moving average of daily percentage price gains during day time in different time zones. It is very clear that, except for a brief window in April when the Bitcoin price spiked during Asian trading hours, the bull market saw Asian trading significantly lag behind American trading.

In particular, since late June when Bitcoin saw its price peak at $13,000, Asian trading has mostly only seen prices falling, while all of the major bounce-backs occurred during American trading.

In fact, when we take the average of daily percentage price gains in different time zones, we see that Bitcoin on average has barely bulged at all during Asian trading hours, and almost all of its price gains took place during American trading hours.

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