Data Analysis
The release
Released by the Bureau of Labor Statistics on 10 August 2023 at 8:30 AM EDT. The Consumer Price Index came in at 0.2% for July 2023, against 0.2% in June 2023. Consumer prices are rising at the same pace as before.
It arrived at the same moment as Core Consumer Price Index, Core Inflation Rate, Initial Jobless Claims and Continued Jobless Claims, so the reaction measured on this page belongs to all of them together.
How Bitcoin moved
Bitcoin was at $29,555.99 when the figure came out. Fifteen minutes later it was 0.06% lower, and an hour later 0.1% higher. Its high-to-low range in the hour after was 0.49% of its price, against 0.28% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 5.00x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 7.50x, 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 5.00x 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 registered an ordinary reaction to the July CPI release and the cluster of data that arrived with it. The asset moved from $29,555.99 at 8:30 AM to a 0.49 percent high-to-low range in the following hour, against 0.28 percent in the hour before. That produced a volatility ratio of 5.00x and a volume ratio of 7.50x, both measured against the same-day baseline and both close to the medians Clometrix records for CPI since 2021.
Its timing, 40 days before the September FOMC decision, placed it outside the window in which CPI has historically generated larger moves. Releases in that earlier period carry a median volatility ratio of 4.75x; those at other times sit at 3.99x.
Across the full set of 70 CPI releases measured since 2021 the median volatility ratio stands at 4.28x. This outcome aligned with that benchmark and with the classification of ordinary.
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
29,625.99Close
29,486.7924h Change
-139.20 (-0.47%)24h High
29,738.0024h Low
29,320.2024h Volume
23,350 BTCUS Consumer Price Index
Bureau of Labor Statistics
10th August, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 29562.00 | 29568.06 | 29550.00 | 29556.00 | -0.02% | 0.06% | 40 BTC |
| During | 29555.99 | 29635.29 | 29555.99 | 29612.01 | 0.19% | 0.27% | 317 BTC |
| 5 Minutes | |||||||
| Before | 29553.23 | 29568.06 | 29550.00 | 29556.00 | 0.01% | 0.06% | 113 BTC |
| During | 29555.99 | 29635.29 | 29555.99 | 29594.05 | 0.13% | 0.27% | 716 BTC |
| 10 Minutes | |||||||
| Before | 29553.16 | 29568.06 | 29536.00 | 29556.00 | 0.01% | 0.11% | 269 BTC |
| During | 29555.99 | 29635.29 | 29493.43 | 29530.09 | -0.09% | 0.48% | 987 BTC |
| 15 Minutes | |||||||
| Before | 29524.62 | 29568.06 | 29524.62 | 29556.00 | 0.11% | 0.15% | 370 BTC |
| During | 29555.99 | 29635.29 | 29489.00 | 29537.68 | -0.06% | 0.49% | 1,424 BTC |
| 30 Minutes | |||||||
| Before | 29504.01 | 29568.06 | 29491.49 | 29556.00 | 0.18% | 0.26% | 601 BTC |
| During | 29555.99 | 29635.29 | 29489.00 | 29560.97 | 0.02% | 0.49% | 1,945 BTC |
| 1 Hour | |||||||
| Before | 29520.97 | 29568.06 | 29486.00 | 29556.00 | 0.12% | 0.28% | 962 BTC |
| During | 29555.99 | 29635.29 | 29489.00 | 29585.99 | 0.10% | 0.49% | 2,329 BTC |
| 2 Hours | |||||||
| Before | 29514.89 | 29568.06 | 29486.00 | 29556.00 | 0.14% | 0.28% | 1,872 BTC |
| During | 29555.99 | 29738.00 | 29489.00 | 29599.02 | 0.15% | 0.84% | 4,803 BTC |
| 4 Hours | |||||||
| Before | 29513.99 | 29568.06 | 29476.00 | 29556.00 | 0.14% | 0.31% | 3,504 BTC |
| During | 29555.99 | 29738.00 | 29385.00 | 29437.50 | -0.40% | 1.19% | 8,110 BTC |
| 6 Hours | |||||||
| Before | 29540.06 | 29568.06 | 29476.00 | 29556.00 | 0.05% | 0.31% | 5,273 BTC |
| During | 29555.99 | 29738.00 | 29320.20 | 29444.36 | -0.38% | 1.40% | 10,373 BTC |
| 8 Hours | |||||||
| Before | 29625.99 | 29660.06 | 29491.11 | 29514.00 | -0.38% | 0.57% | 6,876 BTC |
| During | 29513.99 | 29738.00 | 29385.00 | 29437.50 | -0.26% | 1.19% | 11,615 BTC |
| 12 Hours | |||||||
| Before | 29625.99 | 29660.06 | 29476.00 | 29556.00 | -0.24% | 0.62% | 10,381 BTC |
| During | 29555.99 | 29738.00 | 29320.20 | 29486.79 | -0.23% | 1.40% | 12,969 BTC |
