Bitcoin drops to $77567.35 as bond yields rise and oil spikes, with 4h chart showing bearish EMA structure and MACD death cross.

Glassnode's Q2 report with Coinbase reveals macro factors dominating crypto price action, liquidity rotation, and building conviction in BTC markets.

According to @Andre_Dragosch, 89% of BTC performance variation since 2015 is explained by macro factors, leaving only 11% as coin-specific, highlighting macro regime dominance in Bitcoin returns for traders to consider. Source: @Andre_Dragosch on X, Jan 19, 2026. He adds that he would fade the long-term holder (LTH) supply distribution signal, implying traders should prioritize macro catalysts over this on-chain metric when positioning in BTC. Source: @Andre_Dragosch on X, Jan 19, 2026.