Data Analysis
The release
Released by the Bureau of Labor Statistics on 11 September 2024 at 8:30 AM EDT. The Consumer Price Index came in at 0.2% for August 2024, against 0.2% in July 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 $56,831.72 when the figure came out. Fifteen minutes later it was 0.59% lower, and an hour later unchanged. Its high-to-low range in the hour after was 1.56% of its price, against 0.46% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 2.27x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 6.14x, 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 came out 7 days before the Federal Reserve's 18 September rate decision. Its own ratio of 2.27x compares with 4.75x 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 showed a muted reaction to the August CPI release. The cryptocurrency stood at $56,831.72 at the 8:30 AM print and fell 0.59 percent within fifteen minutes before returning to its starting level after one hour. Its high-to-low range expanded to 1.56 percent in the hour after the data versus 0.46 percent beforehand. Clometrix recorded a volatility ratio of 2.27x against the 4.28x median observed across seventy CPI releases since 2021.
The release arrived seven days before the Federal Reserve's September policy decision. CPI prints in that window have historically produced a median volatility ratio of 4.75x. The same print also included the core CPI figures, so the measured response reflects the combined arrival of all three components.
Traders monitoring the next CPI release can note that pre-Fed timing does not guarantee an outsized move when the headline matches the prior reading exactly. The record shows only coincidence between the data and subsequent price action, not a reliable causal link. Volume rose 6.14x against its typical 6.92x multiple, confirming that participation remained restrained relative to the event's usual footprint.
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
57,513.60Close
57,621.1024h Change
107.50 (0.19%)24h High
57,981.7124h Low
55,545.1924h Volume
33,391 BTCUS Consumer Price Index
Bureau of Labor Statistics
11th September, 2024, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 56771.10 | 56831.72 | 56771.09 | 56831.72 | 0.11% | 0.11% | 12 BTC |
| During | 56831.72 | 56855.27 | 56410.51 | 56550.81 | -0.50% | 0.78% | 645 BTC |
| 5 Minutes | |||||||
| Before | 56721.38 | 56831.72 | 56687.50 | 56831.72 | 0.19% | 0.25% | 94 BTC |
| During | 56831.72 | 56855.27 | 56410.51 | 56600.00 | -0.41% | 0.78% | 1,076 BTC |
| 10 Minutes | |||||||
| Before | 56896.01 | 56915.66 | 56687.50 | 56831.72 | -0.11% | 0.40% | 183 BTC |
| During | 56831.72 | 56855.27 | 56410.51 | 56608.00 | -0.40% | 0.78% | 1,322 BTC |
| 15 Minutes | |||||||
| Before | 56812.00 | 56915.66 | 56687.50 | 56831.72 | 0.03% | 0.40% | 250 BTC |
| During | 56831.72 | 56855.27 | 56410.51 | 56498.00 | -0.59% | 0.78% | 1,441 BTC |
| 30 Minutes | |||||||
| Before | 56798.00 | 56915.66 | 56652.32 | 56831.72 | 0.06% | 0.46% | 459 BTC |
| During | 56831.72 | 56855.27 | 56279.42 | 56748.01 | -0.15% | 1.01% | 2,053 BTC |
| 1 Hour | |||||||
| Before | 56704.01 | 56915.66 | 56652.32 | 56831.72 | 0.22% | 0.46% | 1,041 BTC |
| During | 56831.72 | 57166.66 | 56279.42 | 56840.01 | 0.01% | 1.55% | 3,086 BTC |
| 2 Hours | |||||||
| Before | 56523.99 | 56915.66 | 56408.94 | 56831.72 | 0.54% | 0.89% | 2,460 BTC |
| During | 56831.72 | 57166.66 | 55633.09 | 55904.82 | -1.66% | 2.68% | 7,106 BTC |
| 4 Hours | |||||||
| Before | 56566.00 | 56915.66 | 56325.70 | 56831.72 | 0.47% | 1.04% | 4,486 BTC |
| During | 56831.72 | 57166.66 | 55545.19 | 56877.24 | 0.08% | 2.84% | 11,293 BTC |
| 6 Hours | |||||||
| Before | 56432.20 | 56915.66 | 56325.70 | 56831.72 | 0.70% | 1.04% | 6,013 BTC |
| During | 56831.72 | 57981.71 | 55545.19 | 57890.24 | 1.83% | 4.20% | 15,618 BTC |
| 8 Hours | |||||||
| Before | 57513.60 | 57750.00 | 56100.00 | 56566.00 | -1.68% | 2.86% | 9,029 BTC |
| During | 56566.00 | 57166.66 | 55545.19 | 56877.24 | 0.55% | 2.84% | 15,779 BTC |
| 12 Hours | |||||||
| Before | 57513.60 | 57750.00 | 56100.00 | 56831.72 | -1.20% | 2.86% | 13,515 BTC |
| During | 56831.72 | 57981.71 | 55545.19 | 57621.10 | 1.37% | 4.20% | 19,877 BTC |
