Data Analysis
The release
Released by the Bureau of Labor Statistics on 12 March 2024 at 8:30 AM EDT. The Consumer Price Index came in at 0.4% for February 2024, against 0.3% in January 2024. 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 $71,628.52 when the figure came out. Fifteen minutes later it was 0.62% higher, and an hour later 0.91% higher. Its high-to-low range in the hour after was 1.17% of its price, against 0.95% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 2.70x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 3.35x, 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 8 days before the Federal Reserve's 20 March rate decision. Its own ratio of 2.70x 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
Pre-decision timing produced limited movement
Bitcoin registered a muted reaction to the February CPI release despite its placement eight days before the Federal Reserve decision. The volatility ratio reached 2.70x, below both the 4.28x median recorded across all CPI prints since 2021 and the 4.75x median observed for releases inside the two-week window ahead of policy meetings.
Price action remained contained, with Bitcoin rising 0.91 percent in the hour after the data while the hourly range expanded only to 1.17 percent of spot. Volume responded at 3.35x normal levels, confirming subdued participation relative to the 6.92x benchmark typical for the event. The outcome illustrates that proximity to a Federal Reserve meeting can coincide with smaller moves when the print itself aligns closely with recent readings.
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
72,118.79Close
71,386.6424h Change
-732.15 (-1.03%)24h High
73,000.0024h Low
68,620.8224h Volume
68,549 BTCUS Consumer Price Index
Bureau of Labor Statistics
12th March, 2024, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 71660.44 | 71680.00 | 71614.09 | 71628.53 | -0.04% | 0.09% | 55 BTC |
| During | 71628.52 | 71936.86 | 71470.00 | 71866.22 | 0.33% | 0.65% | 316 BTC |
| 5 Minutes | |||||||
| Before | 71671.95 | 71760.00 | 71576.00 | 71628.53 | -0.06% | 0.26% | 238 BTC |
| During | 71628.52 | 72294.17 | 71470.00 | 71986.79 | 0.50% | 1.14% | 1,106 BTC |
| 10 Minutes | |||||||
| Before | 71891.25 | 71923.79 | 71576.00 | 71628.53 | -0.37% | 0.48% | 421 BTC |
| During | 71628.52 | 72294.17 | 71470.00 | 71995.18 | 0.51% | 1.14% | 1,395 BTC |
| 15 Minutes | |||||||
| Before | 71929.69 | 71941.74 | 71576.00 | 71628.53 | -0.42% | 0.51% | 767 BTC |
| During | 71628.52 | 72294.17 | 71470.00 | 72069.99 | 0.61% | 1.14% | 1,720 BTC |
| 30 Minutes | |||||||
| Before | 72023.82 | 72144.14 | 71576.00 | 71628.53 | -0.55% | 0.79% | 1,284 BTC |
| During | 71628.52 | 72294.17 | 71470.00 | 72193.19 | 0.78% | 1.14% | 2,409 BTC |
| 1 Hour | |||||||
| Before | 72062.99 | 72257.56 | 71576.00 | 71628.53 | -0.61% | 0.94% | 1,957 BTC |
| During | 71628.52 | 72306.90 | 71470.00 | 72282.70 | 0.91% | 1.16% | 3,681 BTC |
| 2 Hours | |||||||
| Before | 71705.63 | 72376.00 | 71576.00 | 71628.53 | -0.11% | 1.11% | 3,968 BTC |
| During | 71628.52 | 73000.00 | 71470.00 | 72081.40 | 0.63% | 2.10% | 9,926 BTC |
| 4 Hours | |||||||
| Before | 71588.43 | 72376.00 | 71506.47 | 71628.53 | 0.06% | 1.20% | 7,194 BTC |
| During | 71628.52 | 73000.00 | 70127.00 | 70606.97 | -1.45% | 3.94% | 19,220 BTC |
| 6 Hours | |||||||
| Before | 71530.01 | 72376.00 | 71388.00 | 71628.53 | 0.14% | 1.37% | 11,728 BTC |
| During | 71628.52 | 73000.00 | 68620.82 | 70829.88 | -1.13% | 6.00% | 34,531 BTC |
| 8 Hours | |||||||
| Before | 72118.79 | 72470.41 | 71301.00 | 71588.44 | -0.74% | 1.61% | 14,199 BTC |
| During | 71588.43 | 73000.00 | 70127.00 | 70606.97 | -1.39% | 3.94% | 26,415 BTC |
| 12 Hours | |||||||
| Before | 72118.79 | 72470.41 | 71301.00 | 71628.53 | -0.68% | 1.61% | 21,393 BTC |
| During | 71628.52 | 73000.00 | 68620.82 | 71386.64 | -0.34% | 6.00% | 47,157 BTC |
