There are DMs who will disallow it because the Bag of Holding is moving.
There are DMs who will allow it because the bag of holding is an extradimensional space and the Glyph of Warding is not moving with the plane it is in.
Then there are DMs who will allow it but say that the effects of the Glyph of Warding do not extend outside of the extradimensional space. (And then their player will probably say that they fight with one hand inside the Bag of Holding...)
I think at the end of the day every DM is going to rule this their own way.
There are multiple possible interpretations.
How to add Tooltips.
My houserulings.