BTC Volatility Analysis for Durable Orders, 28th May 2020

Data Analysis

Measured by Clometrix

Bitcoin's volatility ratio was 3.03x, against 1.45x for a typical Durable Orders release since 2021. Its volume ratio was 4.65x, against a typical 1.59x. That is more than twice 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.

How Bitcoin moved

Bitcoin was at $9,344.11 when the figure came out. Fifteen minutes later it was 0.65% higher, and an hour later 0.56% higher. Its high-to-low range in the hour after was 1.19% of its price, against 1.72% in the hour before.

The release

Released by the Bureau of Census on 28 May 2020 at 8:30 AM EDT. Durable Goods Orders came in at -19.3% for April 2020, against -14.8% in March 2020. Durable goods orders are falling faster than before.

It arrived at the same moment as Durable Goods Orders Excluding Transportation, Gross Domestic Product Report, Initial Jobless Claims and Continued Jobless Claims, so the reaction measured on this page belongs to all of them together.

What made it matter

Since 2021, Durable Orders releases in the two weeks before a Fed decision have moved Bitcoin about as much as those at other times: a median volatility ratio of 1.48x across 19, against 1.43x across 49. This one came out 13 days before the Federal Reserve's 10 June rate decision. Its own ratio of 3.03x compares with 1.48x for those, so it moved the price more than its circumstances alone would suggest.

Its record

Across 68 Durable Orders releases since 2021, Bitcoin's median volatility ratio is 1.45x.

About Durable Goods Orders

The U.S. Census Bureau publishes the Durable Goods Orders report every month. Durable goods orders reflect new orders placed with domestic manufacturers for delivery of long-lasting manufactured goods (durable goods) in the near term or future. The change in the total value of new orders is measured and shared with the public in two releases per month: the advance report on durable goods and the manufacturers' shipments, inventories, and orders.