Data Analysis
The release
Released by the Bureau of Labor Statistics on 12 April 2022 at 8:30 AM EDT. The Consumer Price Index came in at 1.1% for March 2022, against 0.7% in February 2022. 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 $40,315.72 when the figure came out. Fifteen minutes later it was 0.53% higher, and an hour later 0.55% higher. Its high-to-low range in the hour after was 1.07% of its price, against 0.66% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 2.49x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 7.07x, 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 2.49x 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 March CPI print, posting a volatility ratio of 2.49x against the 4.28x median recorded across CPI releases since 2021. The price advanced 0.53 percent within fifteen minutes and 0.55 percent within the hour, while the high-low range reached 1.07 percent of spot compared with 0.66 percent in the preceding hour. Volume expanded 7.07x, nearly matching the 6.92x typical for the event.
The release arrived twenty-one days before the Federal Reserve’s May decision and therefore outside the two-week window that has produced larger Bitcoin moves since 2021. Traders monitoring future CPI prints may therefore treat timing relative to policy meetings as a useful filter: releases positioned farther from decisions have tended to generate smaller volatility spikes, even when the data surprise itself is material.
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
39,665.48Close
40,075.0424h Change
409.56 (1.02%)24h High
40,699.0024h Low
39,254.6324h Volume
56,812 BTCUS Consumer Price Index
Bureau of Labor Statistics
12th April, 2022, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 40285.98 | 40334.10 | 40257.07 | 40315.72 | 0.07% | 0.19% | 91 BTC |
| During | 40315.72 | 40699.00 | 40311.46 | 40575.19 | 0.64% | 0.95% | 813 BTC |
| 5 Minutes | |||||||
| Before | 40270.96 | 40334.10 | 40196.48 | 40315.72 | 0.11% | 0.34% | 339 BTC |
| During | 40315.72 | 40699.00 | 40266.03 | 40630.28 | 0.77% | 1.06% | 2,096 BTC |
| 10 Minutes | |||||||
| Before | 40284.70 | 40334.10 | 40196.48 | 40315.72 | 0.08% | 0.34% | 506 BTC |
| During | 40315.72 | 40699.00 | 40266.03 | 40507.62 | 0.47% | 1.06% | 2,881 BTC |
| 15 Minutes | |||||||
| Before | 40312.00 | 40334.10 | 40196.48 | 40315.72 | 0.01% | 0.34% | 678 BTC |
| During | 40315.72 | 40699.00 | 40266.03 | 40529.99 | 0.53% | 1.06% | 3,504 BTC |
| 30 Minutes | |||||||
| Before | 40378.00 | 40430.30 | 40196.48 | 40315.72 | -0.15% | 0.58% | 1,218 BTC |
| During | 40315.72 | 40699.00 | 40266.03 | 40618.37 | 0.75% | 1.06% | 4,678 BTC |
| 1 Hour | |||||||
| Before | 40293.15 | 40464.00 | 40196.48 | 40315.72 | 0.06% | 0.66% | 2,508 BTC |
| During | 40315.72 | 40699.00 | 40266.03 | 40536.92 | 0.55% | 1.06% | 6,200 BTC |
| 2 Hours | |||||||
| Before | 40129.07 | 40464.00 | 40105.00 | 40315.72 | 0.46% | 0.89% | 3,879 BTC |
| During | 40315.72 | 40699.00 | 39800.00 | 39854.34 | -1.16% | 2.21% | 11,166 BTC |
| 4 Hours | |||||||
| Before | 40120.00 | 40464.00 | 40016.09 | 40315.72 | 0.49% | 1.11% | 6,893 BTC |
| During | 40315.72 | 40699.00 | 39800.00 | 40025.48 | -0.73% | 2.21% | 16,812 BTC |
| 6 Hours | |||||||
| Before | 39998.84 | 40464.00 | 39834.98 | 40315.72 | 0.79% | 1.55% | 11,781 BTC |
| During | 40315.72 | 40699.00 | 39714.16 | 39774.60 | -1.36% | 2.42% | 20,941 BTC |
| 8 Hours | |||||||
| Before | 39665.48 | 40344.60 | 39290.00 | 40120.01 | 1.13% | 2.61% | 17,614 BTC |
| During | 40120.00 | 40699.00 | 39800.00 | 40025.48 | -0.24% | 2.21% | 23,705 BTC |
| 12 Hours | |||||||
| Before | 39665.48 | 40464.00 | 39290.00 | 40315.72 | 1.61% | 2.90% | 24,507 BTC |
| During | 40315.72 | 40699.00 | 39254.63 | 40075.04 | -0.60% | 3.55% | 32,305 BTC |
