Data Analysis
The release
Released by the Bureau of Labor Statistics on 11 May 2022 at 8:30 AM EDT. The Consumer Price Index came in at 0.3% for April 2022, against 1.1% in March 2022. 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.
How Bitcoin moved
Bitcoin was at $31,572.43 when the figure came out. Fifteen minutes later it was 4.17% lower, and an hour later 5.42% lower. Its high-to-low range in the hour after was 8.02% of its price, against 1.28% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 4.02x, against 4.28x for a typical CPI release since 2021. Its volume ratio was 7.91x, 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 4.02x compares with 3.99x for those, about what its circumstances would suggest.
Its record
Across 70 CPI releases since 2021, Bitcoin's median volatility ratio is 4.28x.
What it means
Bitcoin's reaction to the April 2022 CPI release registered as ordinary by Clometrix standards. The 4.02x volatility ratio sat just below the 4.28x median recorded across 70 CPI prints since 2021. Volume expanded to 7.91x, modestly above the 6.92x typical level, yet the overall move stayed within the bounds expected for the event.
The release arrived 34 days before the June FOMC meeting and therefore outside the two-week window that has historically produced larger Bitcoin swings. Its volatility ratio aligned closely with the 3.99x median seen for CPI releases at similar distances from policy decisions.
Price action showed an immediate 4.17% decline within fifteen minutes and a 5.42% drop after one hour, with an 8.02% high-to-low range in the first sixty minutes. These figures remained consistent with the event's usual impact rather than marking an outlier.
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
31,228.06Close
29,765.6324h Change
-1462.43 (-4.91%)24h High
32,162.5924h Low
27,785.0024h Volume
208,201 BTCUS Consumer Price Index
Bureau of Labor Statistics
11th May, 2022, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 31659.88 | 31696.10 | 31572.42 | 31572.42 | -0.28% | 0.39% | 140 BTC |
| During | 31572.43 | 31572.43 | 31076.87 | 31204.72 | -1.18% | 1.57% | 1,285 BTC |
| 5 Minutes | |||||||
| Before | 31517.28 | 31758.46 | 31513.49 | 31572.42 | 0.17% | 0.77% | 527 BTC |
| During | 31572.43 | 31572.43 | 30590.02 | 30605.01 | -3.16% | 3.11% | 4,062 BTC |
| 10 Minutes | |||||||
| Before | 31472.54 | 31758.46 | 31380.00 | 31572.42 | 0.32% | 1.19% | 992 BTC |
| During | 31572.43 | 31572.43 | 30350.13 | 30384.57 | -3.91% | 3.87% | 6,919 BTC |
| 15 Minutes | |||||||
| Before | 31650.79 | 31758.46 | 31380.00 | 31572.42 | -0.25% | 1.19% | 1,370 BTC |
| During | 31572.43 | 31572.43 | 30020.00 | 30257.25 | -4.35% | 4.92% | 11,862 BTC |
| 30 Minutes | |||||||
| Before | 31533.14 | 31785.51 | 31380.00 | 31572.42 | 0.12% | 1.28% | 2,829 BTC |
| During | 31572.43 | 31572.43 | 29039.54 | 29329.30 | -7.65% | 8.02% | 25,418 BTC |
| 1 Hour | |||||||
| Before | 31623.18 | 31785.51 | 31380.00 | 31572.42 | -0.16% | 1.28% | 5,116 BTC |
| During | 31572.43 | 31572.43 | 29039.54 | 29859.87 | -5.74% | 8.02% | 38,539 BTC |
| 2 Hours | |||||||
| Before | 31708.50 | 32081.83 | 31380.00 | 31572.42 | -0.43% | 2.19% | 10,118 BTC |
| During | 31572.43 | 31888.77 | 29039.54 | 31147.72 | -1.36% | 8.93% | 63,212 BTC |
| 4 Hours | |||||||
| Before | 30726.15 | 32162.59 | 30636.33 | 31572.42 | 2.68% | 4.75% | 25,838 BTC |
| During | 31572.43 | 32000.00 | 29039.54 | 30619.96 | -3.11% | 9.25% | 80,727 BTC |
| 6 Hours | |||||||
| Before | 31325.11 | 32162.59 | 30200.00 | 31572.42 | 0.78% | 6.10% | 47,811 BTC |
| During | 31572.43 | 32000.00 | 29039.54 | 30179.79 | -4.61% | 9.25% | 94,738 BTC |
| 8 Hours | |||||||
| Before | 31228.06 | 31888.85 | 30200.00 | 30726.15 | -1.63% | 5.30% | 46,105 BTC |
| During | 30726.15 | 32162.59 | 29039.54 | 30619.96 | -0.35% | 9.71% | 106,565 BTC |
| 12 Hours | |||||||
| Before | 31228.06 | 32162.59 | 30200.00 | 31572.42 | 1.09% | 6.10% | 71,944 BTC |
| During | 31572.43 | 32000.00 | 27785.00 | 29765.63 | -6.07% | 13.17% | 136,257 BTC |
