Data Analysis
The release
Released by the Bureau of Labor Statistics on 10 February 2022 at 8:30 AM EST. The Consumer Price Index came in at 0.6% for January 2022, against 0.7% in December 2021. Consumer prices are still rising, but more slowly than before.
It arrived at the same moment as Core Consumer Price Index, Core Inflation Rate, Initial Jobless Claims and Continued Jobless Claims, so the reaction measured on this page belongs to all of them together.
How Bitcoin moved
Bitcoin was at $44,942.34 when the figure came out. Fifteen minutes later it was 2.56% lower, and an hour later 3.16% lower. Its high-to-low range in the hour after was 3.93% of its price, against 1.28% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 4.83x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 8.91x, 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 4.83x 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 an ordinary reaction to the January 2022 CPI print and the cluster of releases that arrived with it. The 4.83x volatility ratio sat close to the 4.28x median recorded across 70 CPI events since 2021, while the 8.91x volume ratio exceeded its typical 6.92x mark. Price fell 2.56 percent in the first fifteen minutes and 3.16 percent within the hour, expanding the hourly range to 3.93 percent from 1.28 percent beforehand.
The release came 33 days before the next Federal Reserve decision and therefore outside the two-week window that has historically produced larger Bitcoin moves. Even so, its volatility ratio exceeded the 3.99x median observed for CPI prints farther from policy meetings. The outcome therefore aligned with the event's usual magnitude rather than with its calendar position.
Traders watching future CPI dates can note that the combination of headline, core, and labor-market figures on the same line tends to generate volatility and volume ratios near the long-term medians. This instance showed that proximity to a policy decision is not required for a standard-sized response.
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
44,120.23Close
43,411.0024h Change
-709.23 (-1.63%)24h High
45,821.0024h Low
42,600.0024h Volume
66,309 BTCUS Consumer Price Index
Bureau of Labor Statistics
10th February, 2022, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 44910.74 | 44947.59 | 44889.31 | 44942.34 | 0.07% | 0.13% | 18 BTC |
| During | 44942.34 | 44942.34 | 44255.88 | 44287.52 | -1.48% | 1.53% | 640 BTC |
| 5 Minutes | |||||||
| Before | 44908.27 | 44947.59 | 44865.25 | 44942.34 | 0.08% | 0.18% | 93 BTC |
| During | 44942.34 | 44942.34 | 43849.49 | 44009.71 | -2.12% | 2.43% | 2,292 BTC |
| 10 Minutes | |||||||
| Before | 45002.01 | 45009.00 | 44865.25 | 44942.34 | -0.13% | 0.32% | 242 BTC |
| During | 44942.34 | 44942.34 | 43726.50 | 43972.65 | -2.21% | 2.71% | 3,368 BTC |
| 15 Minutes | |||||||
| Before | 45000.27 | 45049.99 | 44865.25 | 44942.34 | -0.13% | 0.41% | 376 BTC |
| During | 44942.34 | 44942.34 | 43665.00 | 43793.55 | -2.62% | 2.84% | 4,747 BTC |
| 30 Minutes | |||||||
| Before | 44807.73 | 45060.00 | 44747.51 | 44942.34 | 0.30% | 0.69% | 1,136 BTC |
| During | 44942.34 | 44942.34 | 43630.01 | 43642.98 | -2.98% | 2.92% | 6,631 BTC |
| 1 Hour | |||||||
| Before | 44739.56 | 45060.00 | 44486.43 | 44942.34 | 0.45% | 1.27% | 2,491 BTC |
| During | 44942.34 | 44942.34 | 43174.01 | 43522.99 | -3.26% | 3.93% | 9,551 BTC |
| 2 Hours | |||||||
| Before | 44941.27 | 45177.96 | 44486.43 | 44942.34 | 0.00% | 1.53% | 5,304 BTC |
| During | 44942.34 | 45300.00 | 43174.01 | 44989.74 | 0.11% | 4.69% | 17,624 BTC |
| 4 Hours | |||||||
| Before | 44392.31 | 45177.96 | 44300.10 | 44942.34 | 1.22% | 1.94% | 8,831 BTC |
| During | 44942.34 | 45821.00 | 43174.01 | 45638.42 | 1.53% | 5.78% | 27,745 BTC |
| 6 Hours | |||||||
| Before | 43985.29 | 45177.96 | 43936.70 | 44942.34 | 2.13% | 2.75% | 11,300 BTC |
| During | 44942.34 | 45821.00 | 43174.01 | 44567.65 | -0.84% | 5.78% | 33,591 BTC |
| 8 Hours | |||||||
| Before | 44120.23 | 44499.00 | 43542.14 | 44392.31 | 0.61% | 2.15% | 8,576 BTC |
| During | 44392.31 | 45821.00 | 43174.01 | 45638.42 | 2.73% | 5.78% | 36,576 BTC |
| 12 Hours | |||||||
| Before | 44120.23 | 45177.96 | 43542.14 | 44942.34 | 1.83% | 3.62% | 17,407 BTC |
| During | 44942.34 | 45821.00 | 42600.00 | 43411.00 | -3.53% | 7.03% | 48,903 BTC |
