Data Analysis
Measured by Clometrix
Bitcoin's volatility ratio was 5.84x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 10.38x, 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 $26,240.73 when the figure came out. Fifteen minutes later it was 0.56% lower, and an hour later 0.46% lower. Its high-to-low range in the hour after was 2.07% of its price, against 0.67% in the hour before.
The release
Released by the Bureau of Labor Statistics on 13 June 2023 at 8:30 AM EDT. The Consumer Price Index came in at 0.2% for May 2023, against 0.3% in April 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 came out the day before the Federal Reserve's 14 June rate decision. Its own ratio of 5.84x compares with 4.75x 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 posted a strong reaction to the May 2023 CPI release, registering a volatility ratio of 5.84x against the 4.28x median across CPI events since 2021. Volume expanded 10.38x relative to a normal quarter hour on the same day, compared with the 6.92x benchmark for the event. The print arrived alongside core CPI measures and one day before the Federal Reserve's June policy decision.
Bitcoin stood at $26,240.73 at the 8:30 AM release. It declined 0.56% within fifteen minutes and 0.46% after one hour, while the hourly high-to-low range widened to 2.07% from 0.67% beforehand. The move exceeded the 4.75x median volatility observed across the 28 prior CPI releases that fell within two weeks of a Fed meeting.
Across the full record of 70 CPI releases since 2021, Bitcoin's median volatility ratio remains 4.28x, so the outcome sat above both the overall benchmark and the pre-Fed subset. Traders watching subsequent CPI releases may observe that proximity to a policy decision has lifted Bitcoin's typical response, yet this case moved further still.
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
25,972.79Close
25,944.5524h Change
-28.24 (-0.11%)24h High
26,433.2124h Low
25,712.5724h Volume
40,840 BTCUS Consumer Price Index
Bureau of Labor Statistics
13th June, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 26218.33 | 26262.62 | 26191.30 | 26240.29 | 0.08% | 0.27% | 141 BTC |
| During | 26240.73 | 26412.63 | 26140.00 | 26343.23 | 0.39% | 1.03% | 825 BTC |
| 5 Minutes | |||||||
| Before | 26225.17 | 26262.62 | 26191.30 | 26240.29 | 0.06% | 0.27% | 289 BTC |
| During | 26240.73 | 26433.21 | 26140.00 | 26303.98 | 0.24% | 1.11% | 1,747 BTC |
| 10 Minutes | |||||||
| Before | 26188.30 | 26262.62 | 26188.30 | 26240.29 | 0.20% | 0.28% | 501 BTC |
| During | 26240.73 | 26433.21 | 26140.00 | 26294.62 | 0.20% | 1.11% | 2,227 BTC |
| 15 Minutes | |||||||
| Before | 26215.75 | 26262.62 | 26176.94 | 26240.29 | 0.09% | 0.33% | 728 BTC |
| During | 26240.73 | 26433.21 | 26081.42 | 26093.06 | -0.57% | 1.33% | 3,152 BTC |
| 30 Minutes | |||||||
| Before | 26191.81 | 26262.62 | 26176.94 | 26240.29 | 0.18% | 0.33% | 1,882 BTC |
| During | 26240.73 | 26433.21 | 25891.25 | 26082.29 | -0.61% | 2.05% | 4,960 BTC |
| 1 Hour | |||||||
| Before | 26155.07 | 26262.62 | 26086.90 | 26240.29 | 0.32% | 0.67% | 3,480 BTC |
| During | 26240.73 | 26433.21 | 25891.25 | 26121.30 | -0.46% | 2.05% | 6,430 BTC |
| 2 Hours | |||||||
| Before | 26149.99 | 26262.62 | 26086.90 | 26240.29 | 0.34% | 0.67% | 4,923 BTC |
| During | 26240.73 | 26433.21 | 25891.25 | 26003.99 | -0.91% | 2.05% | 9,257 BTC |
| 4 Hours | |||||||
| Before | 26124.23 | 26272.25 | 26086.90 | 26240.29 | 0.44% | 0.71% | 8,584 BTC |
| During | 26240.73 | 26433.21 | 25712.57 | 25820.01 | -1.63% | 2.73% | 14,950 BTC |
| 6 Hours | |||||||
| Before | 26114.43 | 26272.25 | 26054.56 | 26240.29 | 0.48% | 0.83% | 10,365 BTC |
| During | 26240.73 | 26433.21 | 25712.57 | 25898.60 | -1.32% | 2.73% | 17,734 BTC |
| 8 Hours | |||||||
| Before | 25972.79 | 26157.99 | 25818.07 | 26124.23 | 0.58% | 1.30% | 10,046 BTC |
| During | 26124.23 | 26433.21 | 25712.57 | 25820.01 | -1.18% | 2.73% | 23,534 BTC |
| 12 Hours | |||||||
| Before | 25972.79 | 26272.25 | 25818.07 | 26240.29 | 1.02% | 1.73% | 18,630 BTC |
| During | 26240.73 | 26433.21 | 25712.57 | 25944.55 | -1.14% | 2.73% | 22,210 BTC |
