Data Analysis
The release
Released by the Bureau of Labor Statistics on 13 September 2023 at 8:30 AM EDT. The Consumer Price Index came in at 0.5% for August 2023, against 0.2% in July 2023. Consumer prices are rising faster 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.
How Bitcoin moved
Bitcoin was at $26,193.99 when the figure came out. Fifteen minutes later it was 0.28% lower, and an hour later 0.31% lower. Its high-to-low range in the hour after was 0.87% of its price, against 0.42% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 4.29x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 8.55x, against a typical 6.92x. That is about 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.
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 7 days before the Federal Reserve's 20 September rate decision. Its own ratio of 4.29x compares with 4.75x for those, about what its circumstances would suggest.
Its record
Across 70 CPI releases since 2021, Bitcoin's median volatility ratio is 4.28x.
What it means
Bitcoin showed an ordinary reaction to the August CPI release, with its volatility ratio landing at 4.29x compared with the 4.28x median recorded across 70 CPI prints since 2021. The price stood at $26,193.99 at 8:30 AM EDT, then fell 0.28 percent in the first fifteen minutes and 0.31 percent after an hour. The hour after the print produced a high-to-low range of 0.87 percent against 0.42 percent in the preceding hour. Volume expanded to 8.55x its normal quarter-hour level, above the 6.92x typical for CPI.
Releases in the two weeks before a Fed decision have produced a median volatility ratio of 4.75x since 2021, higher than the 3.99x median at other times. Bitcoin's 4.29x outcome therefore aligned with the timing pattern rather than exceeding it. Traders reviewing the record can note that pre-decision CPI releases have tended to generate larger volatility ratios than those published at other points in the cycle. The current episode stayed within that historical band and did not alter the broader median of 4.28x for the full set of seventy releases.
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
25,893.50Close
26,187.4624h Change
293.96 (1.12%)24h High
26,405.2224h Low
25,836.9624h Volume
31,050 BTCUS Consumer Price Index
Bureau of Labor Statistics
13th September, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 26175.98 | 26203.22 | 26175.98 | 26193.99 | 0.07% | 0.10% | 47 BTC |
| During | 26193.99 | 26215.95 | 26046.82 | 26071.91 | -0.47% | 0.65% | 531 BTC |
| 5 Minutes | |||||||
| Before | 26171.26 | 26203.22 | 26162.13 | 26193.99 | 0.09% | 0.16% | 170 BTC |
| During | 26193.99 | 26215.95 | 26016.22 | 26091.47 | -0.39% | 0.76% | 1,114 BTC |
| 10 Minutes | |||||||
| Before | 26239.00 | 26244.45 | 26162.13 | 26193.99 | -0.17% | 0.31% | 343 BTC |
| During | 26193.99 | 26245.00 | 26016.22 | 26135.77 | -0.22% | 0.87% | 1,667 BTC |
| 15 Minutes | |||||||
| Before | 26215.00 | 26247.08 | 26162.13 | 26193.99 | -0.08% | 0.32% | 520 BTC |
| During | 26193.99 | 26245.00 | 26016.22 | 26119.51 | -0.29% | 0.87% | 1,879 BTC |
| 30 Minutes | |||||||
| Before | 26198.41 | 26268.54 | 26158.62 | 26193.99 | -0.02% | 0.42% | 839 BTC |
| During | 26193.99 | 26245.00 | 26016.22 | 26212.51 | 0.07% | 0.87% | 2,481 BTC |
| 1 Hour | |||||||
| Before | 26181.96 | 26268.54 | 26158.62 | 26193.99 | 0.05% | 0.42% | 1,335 BTC |
| During | 26193.99 | 26245.00 | 26016.22 | 26112.94 | -0.31% | 0.87% | 3,253 BTC |
| 2 Hours | |||||||
| Before | 26100.01 | 26268.54 | 26094.53 | 26193.99 | 0.36% | 0.66% | 2,398 BTC |
| During | 26193.99 | 26245.00 | 26016.22 | 26169.98 | -0.09% | 0.87% | 4,801 BTC |
| 4 Hours | |||||||
| Before | 25952.55 | 26268.54 | 25928.54 | 26193.99 | 0.92% | 1.29% | 5,720 BTC |
| During | 26193.99 | 26387.76 | 26016.22 | 26374.19 | 0.68% | 1.41% | 9,211 BTC |
| 6 Hours | |||||||
| Before | 25918.80 | 26268.54 | 25855.17 | 26193.99 | 1.05% | 1.57% | 8,776 BTC |
| During | 26193.99 | 26405.22 | 26016.22 | 26130.33 | -0.24% | 1.47% | 13,779 BTC |
| 8 Hours | |||||||
| Before | 25893.50 | 26109.94 | 25836.96 | 25952.54 | 0.23% | 1.05% | 7,919 BTC |
| During | 25952.55 | 26387.76 | 25928.54 | 26374.19 | 1.60% | 1.74% | 14,931 BTC |
| 12 Hours | |||||||
| Before | 25893.50 | 26268.54 | 25836.96 | 26193.99 | 1.15% | 1.64% | 13,638 BTC |
| During | 26193.99 | 26405.22 | 26016.22 | 26187.46 | -0.02% | 1.47% | 17,411 BTC |
