Data Analysis
Measured by Clometrix
Bitcoin's volatility ratio was 12.09x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 9.29x, against a typical 6.92x. That is more than twice what this release usually does. Both compare the quarter hour of the release with an ordinary quarter hour that same day, where 1.00x is no change: volatility is how far the price ranged, volume how much traded.
How Bitcoin moved
Bitcoin was at $17,629.00 when the figure came out. Fifteen minutes later it was 1.42% higher, and an hour later 1.57% higher. Its high-to-low range in the hour after was 2.64% of its price, against 1.72% in the hour before.
The release
Released by the Bureau of Labor Statistics on 13 December 2022 at 8:30 AM EST. The Consumer Price Index came in at 0.3% for November 2022, against 0.6% in October 2022. Consumer prices are still rising, but more slowly than before.
It arrived at the same moment as Core Consumer Price Index and Core Inflation Rate, so the reaction measured on this page belongs to all of them together.
What made it matter
Since 2021, CPI releases in the two weeks before a Fed decision have moved Bitcoin more than those at other times: a median volatility ratio of 4.75x across 28, against 3.99x across 42. This one came out the day before the Federal Reserve's 14 December rate decision. Its own ratio of 12.09x compares with 4.75x for those, so it moved the price more than its circumstances alone would suggest.
Its record
Across 70 CPI releases since 2021, Bitcoin's median volatility ratio is 4.28x.
What it means
Bitcoin registered an exceptional reaction to the December 2022 CPI release. Volatility reached 12.09x the normal quarter-hour level, more than double the 4.28x median across 70 CPI prints since 2021, while volume expanded 9.29x against a typical 6.92x. The coin stood at $17,629 at publication and rose 1.42 percent within fifteen minutes and 1.57 percent within the hour, with its hourly range widening to 2.64 percent from 1.72 percent beforehand.
Releases in the two weeks before such meetings have produced a median volatility ratio of 4.75x since 2021, compared with 3.99x at other times. The observed 12.09x therefore exceeded even that already elevated benchmark.
Across the longer record, CPI has generated a 4.28x median volatility ratio for Bitcoin. The scale of movement on this occasion shows that proximity to a rate decision can coincide with larger reactions, yet the outcome still surpassed the pattern associated with that timing alone. Traders preparing for the next CPI release may observe that releases positioned immediately before Federal Reserve decisions have at times produced outsized volatility, without assuming the same magnitude will recur.
About Consumer Price Index
The Consumer Price Index (CPI) measures the monthly change in prices paid by U.S. consumers. The Bureau of Labor Statistics (BLS) calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate U.S. consumer spending. The CPI is one of the most popular measures of inflation and deflation. The index is published monthly by the U.S. Bureau of Labor Statistics (BLS).
Disclaimer
The data analysis, forecasted results and projections provided herein are based on historical price action and market trends. While every effort has been made to ensure the accuracy of the information, these predictions are speculative and should not be considered a guarantee of future performance. Market conditions can change rapidly, and past performance is not indicative of future results. Trading and investing involve significant risk, and you should conduct your own research and consult with a licensed financial advisor before making any investment decisions. We do not assume any liability for any losses that may result from reliance on this information.
BTC-USDT
Bitcoin
Open
17,159.09Close
17,794.1824h Change
635.09 (3.57%)24h High
18,000.0024h Low
17,080.1424h Volume
284,449 BTCUS Consumer Price Index
Bureau of Labor Statistics
13th December, 2022, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 17549.08 | 17629.00 | 17518.64 | 17621.01 | 0.41% | 0.63% | 1,448 BTC |
| During | 17629.00 | 18000.00 | 17534.03 | 17917.42 | 1.61% | 2.59% | 4,196 BTC |
| 5 Minutes | |||||||
| Before | 17543.90 | 17629.00 | 17508.00 | 17621.01 | 0.44% | 0.69% | 3,950 BTC |
| During | 17629.00 | 18000.00 | 17534.03 | 17920.46 | 1.63% | 2.59% | 11,236 BTC |
| 10 Minutes | |||||||
| Before | 17577.41 | 17698.99 | 17506.53 | 17621.01 | 0.25% | 1.09% | 9,239 BTC |
| During | 17629.00 | 18000.00 | 17534.03 | 17895.55 | 1.49% | 2.59% | 15,920 BTC |
| 15 Minutes | |||||||
| Before | 17444.90 | 17698.99 | 17442.00 | 17621.01 | 1.00% | 1.45% | 11,231 BTC |
| During | 17629.00 | 18000.00 | 17534.03 | 17879.47 | 1.40% | 2.59% | 19,484 BTC |
| 30 Minutes | |||||||
| Before | 17427.02 | 17698.99 | 17395.00 | 17621.01 | 1.10% | 1.72% | 14,771 BTC |
| During | 17629.00 | 18000.00 | 17534.03 | 17897.86 | 1.50% | 2.59% | 25,953 BTC |
| 1 Hour | |||||||
| Before | 17419.35 | 17698.99 | 17395.00 | 17621.01 | 1.14% | 1.72% | 20,942 BTC |
| During | 17629.00 | 18000.00 | 17534.03 | 17905.11 | 1.54% | 2.59% | 36,372 BTC |
| 2 Hours | |||||||
| Before | 17422.80 | 17698.99 | 17395.00 | 17621.01 | 1.12% | 1.72% | 32,914 BTC |
| During | 17629.00 | 18000.00 | 17534.03 | 17762.98 | 0.75% | 2.59% | 55,408 BTC |
| 4 Hours | |||||||
| Before | 17193.70 | 17698.99 | 17185.34 | 17621.01 | 2.43% | 2.90% | 69,705 BTC |
| During | 17629.00 | 18000.00 | 17534.03 | 17731.80 | 0.58% | 2.59% | 82,178 BTC |
| 6 Hours | |||||||
| Before | 17138.15 | 17698.99 | 17127.98 | 17621.01 | 2.74% | 3.23% | 89,906 BTC |
| During | 17629.00 | 18000.00 | 17534.03 | 17716.10 | 0.49% | 2.59% | 103,746 BTC |
| 8 Hours | |||||||
| Before | 17159.09 | 17219.79 | 17080.14 | 17193.70 | 0.20% | 0.81% | 72,317 BTC |
| During | 17193.70 | 18000.00 | 17185.34 | 17731.80 | 3.03% | 4.53% | 151,882 BTC |
| 12 Hours | |||||||
| Before | 17159.09 | 17698.99 | 17080.14 | 17621.01 | 2.62% | 3.50% | 142,021 BTC |
| During | 17629.00 | 18000.00 | 17534.03 | 17794.18 | 0.93% | 2.59% | 142,428 BTC |
