How Bitcoin reacted to the Personal Consumption Expenditures on 27 October 2023

The short answer

An ordinary reaction. In the 15 minutes after the figure came out, Bitcoin's price swung 2.09 times as much as in a normal 15 minutes that day. For a PCE release, 2.03 times is usual. An hour later the price was 0.68% higher.

2.09x

Ordinary

Trading (volume ratio)
2.52x
usual for PCE: 2.52x
Price at 8:30 AM
$33,949.67
15 minutes later
+0.26%
One hour later
+0.68%
range 0.87%, hour before 0.46%
BTC/USDT, 1 hour candles around the release, 8:30 AM America/New York

The dashed orange line is the release. Chart data from Binance.

Open
34,111.10
Close
33,912.00
24h change
-0.59%
24h high
34,245.00
24h low
33,390.95
24h volume
32,113 BTC

The release

Released by the Bureau of Economic Analysis on 27 October 2023 at 8:30 AM EDT. The Personal Consumption Expenditures came in at 0.3% for September 2023, against 0.3% in August 2023. Prices are rising at the same pace as before.

It arrived at the same moment as Personal Income and Outlays and Core Personal Consumption Expenditures, so the reaction measured on this page belongs to all of them together.

How Bitcoin moved

Bitcoin was at $33,949.67 when the figure came out. Fifteen minutes later it was 0.26% higher, and an hour later 0.68% higher. Its high-to-low range in the hour after was 0.87% of its price, against 0.46% in the hour before.

Measured by Clometrix

Bitcoin's volatility ratio was 2.09x, against 2.03x for a typical PCE release since 2021. Its volume ratio was 2.52x, against a typical 2.52x. 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, PCE releases in the two weeks before a Fed decision have moved Bitcoin more than those at other times: a median volatility ratio of 2.13x across 18, against 1.81x across 52. This one came out 5 days before the Federal Reserve's 1 November rate decision. Its own ratio of 2.09x compares with 2.13x for those, about what its circumstances would suggest.

Its record

Across 70 PCE releases since 2021, Bitcoin's median volatility ratio is 2.06x.

What it means

Bitcoin registered an ordinary reaction to the September PCE release. The price advanced 0.26 percent in the first fifteen minutes and 0.68 percent after sixty minutes. Its high-low range reached 0.87 percent of spot in the hour after the print, up from 0.46 percent in the prior hour. The resulting volatility ratio of 2.09x matched the median recorded across sixty-nine PCE releases since 2021. Volume expanded by a factor of 2.52x, again in line with the 2.55x median.

The release arrived five days before the November Federal Reserve decision. Releases in the two-week window ahead of policy meetings have produced a higher median volatility ratio of 2.13x. The observed 2.09x therefore sat where the timing alone would place it. Because the print coincided with the personal-income and core-PCE figures, the measured move reflects the combined arrival rather than PCE in isolation.

Traders reviewing the record for the next PCE release can note that the median volatility ratio remains 2.09x overall, with the modest lift to 2.13x confined to the pre-decision window. The data show no additional elevation once that calendar factor is accounted for.

How it compares

Across 69 PCE releases since 2021, Bitcoin's usual price swing is 2.03x. This one was 1.03 times the usual.

MutedOrdinaryStrongExceptional

Thin line: PCE's usual, 2.03x. Thick line: this release, 2.09x.

Minute by minute

Each row is the time after the release, with the same length of time before it for comparison.

After High Low Close Change Range Range before Volume
1 minute 34026.10 33900.00 33993.51 0.13% 0.37% 0.22% 159 BTC
5 minutes 34036.36 33900.00 34032.34 0.24% 0.40% 0.27% 334 BTC
10 minutes 34060.00 33900.00 34001.10 0.15% 0.47% 0.46% 504 BTC
15 minutes 34060.00 33900.00 34039.23 0.26% 0.47% 0.46% 614 BTC
30 minutes 34194.90 33900.00 34122.30 0.51% 0.86% 0.46% 1,273 BTC
1 hour 34194.90 33900.00 34180.00 0.67% 0.86% 0.46% 2,199 BTC
2 hours 34195.21 33900.00 33924.18 -0.08% 0.86% 0.63% 4,823 BTC
4 hours 34195.21 33820.48 33985.73 0.11% 1.10% 0.73% 8,082 BTC
6 hours 34195.21 33390.95 33440.10 -1.52% 2.35% 0.94% 12,991 BTC
8 hours 34195.21 33820.48 33985.73 -0.05% 1.10% 1.36% 12,685 BTC
12 hours 34195.21 33390.95 33912.00 -0.11% 2.35% 1.36% 18,627 BTC

Every coin at this release

Coin Price swing Usual for PCE Reaction
Bitcoin 2.09x 2.03x Ordinary
Ethereum 2.19x 1.77x Ordinary
XRP 1.01x 1.81x Quiet
BNB 2.12x 1.75x Ordinary
Solana 1.51x 1.57x Ordinary
Dogecoin 1.39x 1.52x Quiet
TRON 0.94x 1.43x Quiet
Cardano 2.00x 1.90x Ordinary
Chainlink 2.07x 1.62x Ordinary
Sui 2.28x 1.53x Strong
Bitcoin Cash 2.22x 1.69x Strong
Hedera 1.01x 1.51x Quiet
Avalanche 1.44x 1.55x Quiet
Litecoin 1.98x 1.64x Ordinary
Shiba Inu 1.75x 1.75x Ordinary
Uniswap 1.50x 1.49x Ordinary
Polkadot 1.52x 1.50x Ordinary
Aave 1.80x 1.58x Ordinary
NEAR Protocol 1.02x 1.43x Quiet
Aptos 2.95x 1.73x Strong
Internet Computer 1.01x 1.50x Quiet
POL (prev. MATIC) 2.07x 1.60x Ordinary
Filecoin 1.51x 1.51x Ordinary

What is the Personal Consumption Expenditures?

Personal consumption expenditures (PCE) is a measure of the prices people in the United States pay for goods and services. PCE accounts for about two-thirds of domestic spending and is a significant driver of gross domestic product (GDP). An estimated total of personal consumption expenditures (PCE) is compiled by the Bureau of Economic Analysis as one way to measure and track changes in the prices of consumer goods over time.

Every PCE release for Bitcoin

Questions about this page

Is 2.09x a lot?

For a PCE release it is ordinary: the usual is 2.03x. Each report has its own usual size, and its releases show it.

Will the next PCE do the same?

Nobody can say. A forecast shows the range Bitcoin moved in after past PCE releases, so you can plan for the likely size of the move.

What is PCE, and why does the Fed watch it?

PCE is the Personal Consumption Expenditures price index published by the Bureau of Economic Analysis. The Federal Reserve measures its 2 percent inflation goal with the PCE price index. PCE, Core PCE and Personal Income are released together at 8:30 a.m. ET and share one reaction. Their median Bitcoin price swing since 2021 is 2.03x, which places them in Tier 2.

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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.