Data Analysis
Measured by Clometrix
Bitcoin's volatility ratio was 7.30x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 12.90x, against a typical 6.92x. That is a strong 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.
How Bitcoin moved
Bitcoin was at $30,007.12 when the figure came out. Fifteen minutes later it was 0.96% higher, and an hour later 0.55% higher. Its high-to-low range in the hour after was 1.61% of its price, against 0.39% in the hour before.
The release
Released by the Bureau of Labor Statistics on 12 April 2023 at 8:30 AM EDT. The Consumer Price Index came in at 0.1% for March 2023, against 0.3% in February 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.
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 7.30x 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 a strong reaction to the April 2023 CPI release, posting a volatility ratio of 7.30x against the 4.28x median recorded across 70 prior CPI prints since 2021. Volume expanded to 12.90x its baseline quarter-hour level, well above the 6.92x typical for the event. The price stood at $30,007.12 at 8:30 AM EDT, rose 0.96 percent within fifteen minutes and 0.55 percent after one hour, while the hourly high-low range widened to 1.61 percent from 0.39 percent beforehand.
Timing and concurrent releases
The print arrived alongside core CPI and core inflation figures, so the measured response reflects the combined arrival. Releases in that window have historically produced a median volatility ratio of only 3.99x, yet this instance reached 7.30x.
Traders monitoring future CPI dates can note that distance from policy meetings did not mute the move.
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
30,309.15Close
29,949.9624h Change
-359.19 (-1.20%)24h High
30,486.0024h Low
29,637.4024h Volume
61,770 BTCUS Consumer Price Index
Bureau of Labor Statistics
12th April, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 30007.51 | 30020.05 | 29968.88 | 30007.13 | 0.00% | 0.17% | 86 BTC |
| During | 30007.12 | 30380.00 | 30003.40 | 30317.95 | 1.03% | 1.24% | 1,536 BTC |
| 5 Minutes | |||||||
| Before | 30011.43 | 30025.70 | 29968.88 | 30007.13 | -0.01% | 0.19% | 289 BTC |
| During | 30007.12 | 30449.00 | 30003.40 | 30425.82 | 1.38% | 1.46% | 3,374 BTC |
| 10 Minutes | |||||||
| Before | 29960.10 | 30025.70 | 29960.09 | 30007.13 | 0.16% | 0.22% | 423 BTC |
| During | 30007.12 | 30486.00 | 30003.40 | 30333.06 | 1.07% | 1.58% | 4,925 BTC |
| 15 Minutes | |||||||
| Before | 29973.51 | 30025.70 | 29919.00 | 30007.13 | 0.11% | 0.36% | 663 BTC |
| During | 30007.12 | 30486.00 | 30003.40 | 30293.94 | 0.95% | 1.58% | 5,471 BTC |
| 30 Minutes | |||||||
| Before | 30016.31 | 30037.34 | 29919.00 | 30007.13 | -0.03% | 0.39% | 1,185 BTC |
| During | 30007.12 | 30486.00 | 30003.40 | 30157.09 | 0.50% | 1.58% | 7,528 BTC |
| 1 Hour | |||||||
| Before | 29982.47 | 30037.34 | 29919.00 | 30007.13 | 0.08% | 0.39% | 1,902 BTC |
| During | 30007.12 | 30486.00 | 30003.40 | 30173.11 | 0.55% | 1.58% | 10,259 BTC |
| 2 Hours | |||||||
| Before | 30021.97 | 30037.34 | 29919.00 | 30007.13 | -0.05% | 0.39% | 3,186 BTC |
| During | 30007.12 | 30486.00 | 29964.00 | 30212.36 | 0.68% | 1.71% | 15,803 BTC |
| 4 Hours | |||||||
| Before | 29984.00 | 30037.34 | 29895.98 | 30007.13 | 0.08% | 0.47% | 5,982 BTC |
| During | 30007.12 | 30486.00 | 29637.40 | 29991.84 | -0.05% | 2.78% | 26,277 BTC |
| 6 Hours | |||||||
| Before | 29904.38 | 30070.42 | 29888.16 | 30007.13 | 0.34% | 0.61% | 9,033 BTC |
| During | 30007.12 | 30486.00 | 29637.40 | 29952.72 | -0.18% | 2.78% | 30,230 BTC |
| 8 Hours | |||||||
| Before | 30309.15 | 30311.77 | 29811.82 | 29984.00 | -1.08% | 1.65% | 17,306 BTC |
| During | 29984.00 | 30486.00 | 29637.40 | 29991.84 | 0.03% | 2.78% | 32,259 BTC |
| 12 Hours | |||||||
| Before | 30309.15 | 30311.77 | 29811.82 | 30007.13 | -1.01% | 1.65% | 23,287 BTC |
| During | 30007.12 | 30486.00 | 29637.40 | 29949.96 | -0.19% | 2.78% | 38,483 BTC |
