BTC Volatility Analysis for CPI, 10th April 2024

Data Analysis

The release

Released by the Bureau of Labor Statistics on 10 April 2024 at 8:30 AM EDT. The Consumer Price Index came in at 0.4% for March 2024, against 0.4% in February 2024. Consumer prices are rising at the same pace as 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 $68,972.28 when the figure came out. Fifteen minutes later it was 1.47% lower, and an hour later 1.85% lower. Its high-to-low range in the hour after was 2.05% of its price, against 0.7% in the hour before.

Measured by Clometrix

Bitcoin's volatility ratio was 5.39x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 11.61x, 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 was not within two weeks of a Fed decision. Its own ratio of 5.39x compares with 3.99x 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's reaction to the March CPI release registered as ordinary by Clometrix standards. The 5.39x volatility ratio sat only modestly above the 4.28x median recorded across 70 CPI prints since 2021. Volume expanded to 11.61x against the 6.92x benchmark, confirming participation rose in line with the price range. The outcome aligned with the event's established profile rather than marking an outlier.

Price action showed a contained decline. Bitcoin opened the window at $68,972.28, fell 1.47 percent within fifteen minutes and 1.85 percent within the hour. The high-low span reached 2.05 percent of spot, more than doubling the 0.7 percent range seen in the prior hour. Core CPI and core inflation figures arrived simultaneously, so the measured move reflects the combined release.

Timing placed the print twenty days before the May FOMC decision and therefore outside the two-week window that has historically produced larger Bitcoin reactions. Even so, the 5.39x volatility ratio exceeded the 3.99x median for non-Fed-window CPI events, indicating the response was not muted by calendar distance alone. The result illustrates that ordinary volatility can still occur when headline and core prints match the prior month exactly.

Traders reviewing upcoming CPI dates may note that a print matching the previous reading does not guarantee subdued movement. The record shows such outcomes have produced volatility ratios near the long-term median, leaving room for similar or larger swings depending on the surrounding market backdrop.

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

69,271.80

Close

70,364.03

24h Change

1092.23 (1.55%)

24h High

71,172.08

24h Low

67,518.00

24h Volume

42,229 BTC

US Consumer Price Index

Bureau of Labor Statistics

10th April, 2024, 8:30AM Timezone: America/New York

Chart Data from Binance

Observations

Time Open High Low Close Change Amplitude Volume
 
1 Minute
Before68746.0168972.2868723.3568972.280.33%0.36%75 BTC
During68972.2868972.2868461.8468514.68-0.67%0.74%344 BTC
 
5 Minutes
Before68896.2968972.2868723.3568972.280.11%0.36%264 BTC
During68972.2868972.2868055.5068260.00-1.04%1.33%1,408 BTC
 
10 Minutes
Before68941.3569077.0368723.3568972.280.04%0.51%394 BTC
During68972.2868972.2867568.0067619.75-2.00%2.04%2,965 BTC
 
15 Minutes
Before69019.1369077.0368723.3568972.28-0.07%0.51%495 BTC
During68972.2868972.2867559.9967959.99-1.49%2.05%3,681 BTC
 
30 Minutes
Before69043.0069204.2868723.3568972.28-0.10%0.69%848 BTC
During68972.2868972.2867559.9967976.00-1.47%2.05%4,668 BTC
 
1 Hour
Before69070.1969204.2868723.3568972.28-0.14%0.69%1,417 BTC
During68972.2868972.2867559.9967698.96-1.88%2.05%6,159 BTC
 
2 Hours
Before68848.0069204.2868650.4468972.280.18%0.80%2,446 BTC
During68972.2868972.2867518.0068588.24-0.56%2.11%9,390 BTC
 
4 Hours
Before69063.9969204.2868629.9968972.28-0.13%0.83%4,704 BTC
During68972.2868974.5867518.0068917.63-0.08%2.11%13,964 BTC
 
6 Hours
Before69457.4269515.0068629.9968972.28-0.70%1.27%6,504 BTC
During68972.2869910.9667518.0069239.350.39%3.42%19,191 BTC
 
8 Hours
Before69271.8069594.1568466.6369063.98-0.30%1.62%7,777 BTC
During69063.9969204.2867518.0068917.63-0.21%2.44%18,668 BTC
 
12 Hours
Before69271.8069594.1568466.6368972.28-0.43%1.62%12,480 BTC
During68972.2871172.0867518.0070364.031.98%5.13%29,749 BTC

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