Data Analysis
The release
Released by the Bureau of Labor Statistics on 10 May 2023 at 8:30 AM EDT. The Consumer Price Index came in at 0.3% for April 2023, against 0.1% in March 2023. 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 $27,717.13 when the figure came out. Fifteen minutes later it was 1.01% higher, and an hour later 1.4% higher. Its high-to-low range in the hour after was 2.26% of its price, against 0.63% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 5.30x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 12.76x, 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 5.30x 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 advanced 1.01% in the first fifteen minutes after the release and 1.4% within the hour. Its high-to-low range widened to 2.26% of price in that hour from 0.63% beforehand. The resulting volatility ratio of 5.30x stood only modestly above the 4.28x median recorded for CPI prints since 2021, confirming an ordinary reaction for the coin. Trading volume reached 12.76x its baseline quarter-hour level, compared with a typical 6.92x multiplier for the event.
The print arrived 34 days before the next Federal Reserve decision and therefore outside the two-week window that has historically produced larger moves. Releases inside that window carry a median volatility ratio of 4.75x against 3.99x at other times. Even so, this instance exceeded the non-window median by a clear margin.
Traders reviewing the next CPI release may therefore watch for any month-to-month acceleration that occurs outside the immediate pre-decision period, as the record shows such prints can still lift volatility ratios above the event average even when timing is less favorable.
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
27,770.00Close
27,542.7924h Change
-227.21 (-0.82%)24h High
28,331.4224h Low
26,777.0024h Volume
70,986 BTCUS Consumer Price Index
Bureau of Labor Statistics
10th May, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 27680.36 | 27775.92 | 27668.05 | 27717.12 | 0.13% | 0.39% | 126 BTC |
| During | 27717.13 | 27995.73 | 27704.40 | 27905.85 | 0.68% | 1.04% | 1,458 BTC |
| 5 Minutes | |||||||
| Before | 27704.03 | 27775.92 | 27668.05 | 27717.12 | 0.05% | 0.39% | 296 BTC |
| During | 27717.13 | 28060.00 | 27704.40 | 27952.59 | 0.84% | 1.27% | 3,184 BTC |
| 10 Minutes | |||||||
| Before | 27734.68 | 27775.92 | 27642.86 | 27717.12 | -0.06% | 0.48% | 638 BTC |
| During | 27717.13 | 28060.00 | 27704.40 | 27900.01 | 0.66% | 1.27% | 4,316 BTC |
| 15 Minutes | |||||||
| Before | 27687.07 | 27775.92 | 27642.86 | 27717.12 | 0.11% | 0.48% | 866 BTC |
| During | 27717.13 | 28060.00 | 27704.40 | 27996.40 | 1.00% | 1.27% | 4,967 BTC |
| 30 Minutes | |||||||
| Before | 27677.08 | 27775.92 | 27635.81 | 27717.12 | 0.14% | 0.50% | 1,114 BTC |
| During | 27717.13 | 28183.92 | 27704.40 | 28175.28 | 1.63% | 1.70% | 7,775 BTC |
| 1 Hour | |||||||
| Before | 27609.36 | 27775.92 | 27601.46 | 27717.12 | 0.39% | 0.63% | 1,659 BTC |
| During | 27717.13 | 28331.42 | 27704.40 | 28104.05 | 1.38% | 2.21% | 11,482 BTC |
| 2 Hours | |||||||
| Before | 27542.47 | 27775.92 | 27542.47 | 27717.12 | 0.63% | 0.84% | 2,658 BTC |
| During | 27717.13 | 28331.42 | 27704.40 | 28197.27 | 1.70% | 2.21% | 15,160 BTC |
| 4 Hours | |||||||
| Before | 27563.21 | 27775.92 | 27535.40 | 27717.12 | 0.56% | 0.87% | 4,474 BTC |
| During | 27717.13 | 28331.42 | 27704.40 | 28290.00 | 2.02% | 2.21% | 20,729 BTC |
| 6 Hours | |||||||
| Before | 27604.39 | 27775.92 | 27474.91 | 27717.12 | 0.41% | 1.08% | 6,976 BTC |
| During | 27717.13 | 28331.42 | 26777.00 | 27464.97 | -0.92% | 5.49% | 41,681 BTC |
| 8 Hours | |||||||
| Before | 27770.00 | 27849.94 | 27474.91 | 27563.22 | -0.75% | 1.35% | 9,815 BTC |
| During | 27563.21 | 28331.42 | 27535.40 | 28290.00 | 2.57% | 2.81% | 25,203 BTC |
| 12 Hours | |||||||
| Before | 27770.00 | 27849.94 | 27474.91 | 27717.12 | -0.19% | 1.35% | 14,289 BTC |
| During | 27717.13 | 28331.42 | 26777.00 | 27542.79 | -0.63% | 5.49% | 56,697 BTC |
