CoinCollege's article found that between September 1, 2019 and January 15, 2020, Bitcoin price movements tended to be the most driven by US time. Japan time was the least active. This is similar to forex.
In the article, it was defined as follows:
NY time: 00:00 to 8:00 (NYK時間)
Tokyo time: 8: 00-16: 00 (TKY時間)
London time: 16:00 to 00:00 (LDN時間)
This indicator colors the time zone according to its definition.
Reference: Consideration on the time zone and day of the week when the Bitcoin market is easy to move (September 2019-January 2020) Original title: ビットコイン相場が動き易い時間帯と曜日についての考察（2019年9月〜2020年1月）