Data Analysis
The release
Released by the Bureau of Labor Statistics on 14 November 2023 at 8:30 AM EST. The Consumer Price Index came in at 0.1% for October 2023, against 0.4% in September 2023. 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.
How Bitcoin moved
Bitcoin was at $36,406.22 when the figure came out. Fifteen minutes later it was 0.29% higher, and an hour later 0.47% higher. Its high-to-low range in the hour after was 0.8% of its price, against 0.73% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 2.86x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 4.44x, against a typical 6.92x. That is a muted reaction by this release's own standard. 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 2.86x compares with 3.99x for those, so it moved the price less than its circumstances would suggest.
Its record
Across 70 CPI releases since 2021, Bitcoin's median volatility ratio is 4.28x.
What it means
Bitcoin registered a muted reaction to the October CPI release, posting a volatility ratio of 2.86x against the 4.28x median recorded across 70 CPI prints since 2021. The price rose 0.29 percent in the first fifteen minutes and 0.47 percent within the hour, while the high-to-low range reached 0.8 percent of spot compared with 0.73 percent in the preceding hour. The move arrived alongside core CPI figures of 0.3 percent month-over-month and 4.0 percent year-over-year.
Timing and historical context
The release fell 28 days before the December FOMC meeting and therefore outside the two-week window that has produced a 4.75x median volatility ratio since 2021. Its own 2.86x ratio also fell below the 3.99x median observed for CPI prints at other times, showing a smaller price response than the timing alone would have suggested. Volume expanded 4.44x, below the 6.92x typical for the event.
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
36,400.00Close
35,560.0024h Change
-840.00 (-2.36%)24h High
36,744.0024h Low
34,800.0024h Volume
43,924 BTCUS Consumer Price Index
Bureau of Labor Statistics
14th November, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 36395.89 | 36430.99 | 36395.88 | 36406.21 | 0.03% | 0.10% | 17 BTC |
| During | 36406.22 | 36602.37 | 36380.00 | 36599.83 | 0.53% | 0.61% | 321 BTC |
| 5 Minutes | |||||||
| Before | 36397.82 | 36430.99 | 36387.44 | 36406.21 | 0.02% | 0.12% | 76 BTC |
| During | 36406.22 | 36671.22 | 36380.00 | 36611.16 | 0.56% | 0.79% | 909 BTC |
| 10 Minutes | |||||||
| Before | 36417.60 | 36459.73 | 36387.44 | 36406.21 | -0.03% | 0.20% | 189 BTC |
| During | 36406.22 | 36671.22 | 36380.00 | 36596.79 | 0.52% | 0.79% | 1,147 BTC |
| 15 Minutes | |||||||
| Before | 36463.78 | 36472.71 | 36387.44 | 36406.21 | -0.16% | 0.23% | 342 BTC |
| During | 36406.22 | 36671.22 | 36380.00 | 36511.10 | 0.29% | 0.79% | 1,435 BTC |
| 30 Minutes | |||||||
| Before | 36348.48 | 36472.71 | 36344.85 | 36406.21 | 0.16% | 0.35% | 838 BTC |
| During | 36406.22 | 36671.22 | 36380.00 | 36503.26 | 0.27% | 0.79% | 1,959 BTC |
| 1 Hour | |||||||
| Before | 36311.32 | 36472.71 | 36205.81 | 36406.21 | 0.26% | 0.73% | 1,502 BTC |
| During | 36406.22 | 36671.22 | 36380.00 | 36576.13 | 0.46% | 0.79% | 2,856 BTC |
| 2 Hours | |||||||
| Before | 36298.70 | 36472.71 | 36205.81 | 36406.21 | 0.30% | 0.73% | 3,003 BTC |
| During | 36406.22 | 36693.01 | 36208.32 | 36253.00 | -0.42% | 1.32% | 5,064 BTC |
| 4 Hours | |||||||
| Before | 36595.98 | 36629.99 | 36205.81 | 36406.21 | -0.52% | 1.16% | 6,221 BTC |
| During | 36406.22 | 36693.01 | 35889.00 | 36271.83 | -0.37% | 2.19% | 10,902 BTC |
| 6 Hours | |||||||
| Before | 36675.86 | 36744.00 | 36205.81 | 36406.21 | -0.74% | 1.46% | 8,669 BTC |
| During | 36406.22 | 36693.01 | 34800.00 | 35363.99 | -2.95% | 5.16% | 22,903 BTC |
| 8 Hours | |||||||
| Before | 36400.00 | 36744.00 | 36321.24 | 36595.98 | 0.54% | 1.15% | 6,379 BTC |
| During | 36595.98 | 36693.01 | 35889.00 | 36271.83 | -0.89% | 2.19% | 17,122 BTC |
| 12 Hours | |||||||
| Before | 36400.00 | 36744.00 | 36205.81 | 36406.21 | 0.02% | 1.46% | 12,599 BTC |
| During | 36406.22 | 36693.01 | 34800.00 | 35560.00 | -2.38% | 5.16% | 31,324 BTC |
