BTC Volatility Analysis for GDP Report, 28th February 2024

Data Analysis

The data released by Bureau of Economic Analysis for Gross Domestic Product Report on 28th February, 2024 has come in at a decrease to 3.2% for 2024 1st Quarter. Compared to the previous release for 2024 1st Quarter at 3.3%, we can see that GDP growth is still increasing but slowed 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 18,489 BTC with prices swinging between 58,500.00 and 60,800.00, representing a swing of 3.78%. Subsequently, the trading volume increased considerably by 87% to 34,600 BTC. Price action ranged from a low of 59,800.00 to a high of 64,000.00, a significant difference of 6.56%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 4,114 BTC in trading volume was observed prior to the data release. Prices ranged between a low of 59,615.07 to a high of 60,800.00, a 1.95% change. Immediately following, trading volume decreased by 51% to 2,033 BTC. At this time, Bitcoin hit a low of 60,094.40 with a high of 60,537.40, a change of 0.73%.

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.