BTC Volatility Analysis for GDP Report, 29th August 2024

Data Analysis

The data released by Bureau of Economic Analysis for Gross Domestic Product Report on 29th August, 2024 has come in at an increase to 3.0% for 2024 2nd Quarter. Compared to the previous release for 2024 2nd Quarter at 2.8%, we can see that GDP growth is increasing quarterly.

To see the impact and volatility of BTC's price during the GDP Report release, we will first observe the difference in volume and price changes on the 4-hours chart, followed by the 15-minutes chart. Change in prices will be be determined by the high and low prices instead of the opening and closing prices.

4-Hours Chart Analysis

In the period prior to the release, the trading volume was 4,175 BTC with prices swinging between 59,412.00 and 60,477.00, representing a swing of 1.76%. Subsequently, the trading volume increased considerably by 85% to 7,710 BTC. Price action ranged from a low of 60,077.89 to a high of 61,166.99, a difference of 1.78%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 245 BTC in trading volume was observed prior to the data release. Prices ranged between a low of 60,047.25 to a high of 60,274.00, a 0.38% change. Immediately following, trading volume increased significantly by 141% to 590 BTC. At this time, Bitcoin hit a low of 60,077.89 with a high of 60,498.00, a significant change of 0.69%.

About Gross Domestic Product Report

The GDP report is one of the BEA's most crucial outputs. It tells us the monetary value of all the finished goods and services produced within a country's borders in a specific time period. GDP gives the public an indication of an economy's size. Moreover, when compared against prior periods, this data can reveal whether the economy is expanding (producing more goods and services) or contracting (registering declining output). The direction of GDP helps central banks determine whether it is necessary to intervene with monetary policy or not.