Data Analysis
The release
Released by the Bureau of Labor Statistics on 12 December 2023 at 8:30 AM EST. The Consumer Price Index came in at 0.1% for November 2023, against 0.1% in October 2023. Consumer prices are rising at the same pace as 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 $41,855.24 when the figure came out. Fifteen minutes later it was 0.14% higher, and an hour later 0.3% lower. Its high-to-low range in the hour after was 0.88% of its price, against 0.61% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 2.30x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 2.92x, 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 the day before the Federal Reserve's 13 December rate decision. Its own ratio of 2.30x 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
Bitcoin showed a muted reaction to the November CPI release, with a volatility ratio of 2.30x against the 4.28x median recorded across CPI prints since 2021. The 0.88 percent high-to-low range in the hour after the data arrived compared with 0.61 percent beforehand, and volume rose only 2.92x, well below the 6.92x typical for the event.
Timing added interest because this release came out the day before the Federal Reserve's rate decision. The subdued move therefore stood out against both the event's longer record and the usual effect of pre-Fed timing.
Traders watching the next CPI release can note that the coin's response aligned with the lower end of outcomes seen when the data prints near policy meetings. The record shows coincidence between timing and volatility magnitude rather than any consistent driver, leaving open whether the next pre-decision print will follow the higher median or repeat the quieter pattern observed here.
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
41,734.00Close
41,004.8124h Change
-729.19 (-1.78%)24h High
42,104.1224h Low
40,680.0024h Volume
41,623 BTCUS Consumer Price Index
Bureau of Labor Statistics
12th December, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 41805.29 | 41866.00 | 41805.28 | 41855.23 | 0.12% | 0.15% | 39 BTC |
| During | 41855.24 | 41974.79 | 41802.00 | 41974.79 | 0.28% | 0.41% | 139 BTC |
| 5 Minutes | |||||||
| Before | 41787.30 | 41866.00 | 41772.01 | 41855.23 | 0.16% | 0.22% | 120 BTC |
| During | 41855.24 | 42070.23 | 41750.99 | 41861.11 | 0.01% | 0.76% | 608 BTC |
| 10 Minutes | |||||||
| Before | 41827.42 | 41866.00 | 41742.00 | 41855.23 | 0.07% | 0.30% | 226 BTC |
| During | 41855.24 | 42070.23 | 41750.99 | 41949.25 | 0.22% | 0.76% | 916 BTC |
| 15 Minutes | |||||||
| Before | 41900.76 | 41901.14 | 41742.00 | 41855.23 | -0.11% | 0.38% | 362 BTC |
| During | 41855.24 | 42070.23 | 41750.99 | 41914.53 | 0.14% | 0.76% | 1,048 BTC |
| 30 Minutes | |||||||
| Before | 41850.00 | 41997.42 | 41742.00 | 41855.23 | 0.01% | 0.61% | 791 BTC |
| During | 41855.24 | 42070.23 | 41750.99 | 41810.78 | -0.11% | 0.76% | 1,484 BTC |
| 1 Hour | |||||||
| Before | 41791.09 | 41997.42 | 41742.00 | 41855.23 | 0.15% | 0.61% | 1,435 BTC |
| During | 41855.24 | 42070.23 | 41700.00 | 41730.50 | -0.30% | 0.88% | 2,255 BTC |
| 2 Hours | |||||||
| Before | 41784.28 | 41997.42 | 41545.54 | 41855.23 | 0.17% | 1.08% | 2,950 BTC |
| During | 41855.24 | 42070.23 | 41161.10 | 41252.02 | -1.46% | 2.16% | 5,752 BTC |
| 4 Hours | |||||||
| Before | 41932.22 | 41997.42 | 41545.54 | 41855.23 | -0.18% | 1.08% | 5,041 BTC |
| During | 41855.24 | 42070.23 | 40852.37 | 40885.54 | -2.37% | 2.89% | 10,785 BTC |
| 6 Hours | |||||||
| Before | 41810.33 | 42104.12 | 41545.54 | 41855.23 | 0.11% | 1.33% | 9,588 BTC |
| During | 41855.24 | 42070.23 | 40680.00 | 41044.20 | -1.98% | 3.30% | 15,594 BTC |
| 8 Hours | |||||||
| Before | 41734.00 | 42104.12 | 41376.19 | 41932.22 | 0.47% | 1.73% | 12,920 BTC |
| During | 41932.22 | 42070.23 | 40852.37 | 40885.54 | -2.56% | 2.89% | 15,827 BTC |
| 12 Hours | |||||||
| Before | 41734.00 | 42104.12 | 41376.19 | 41855.23 | 0.29% | 1.73% | 17,962 BTC |
| During | 41855.24 | 42070.23 | 40680.00 | 41004.81 | -2.07% | 3.30% | 23,662 BTC |
