How Bitcoin reacted to the Personal Consumption Expenditures on 30 August 2024

The short answer

A strong reaction. In the 15 minutes after the figure came out, Bitcoin's price swung 2.80 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 unchanged.

2.80x

Strong

Trading (volume ratio)
4.23x
usual for PCE: 2.52x
Price at 8:30 AM
$59,558.00
15 minutes later
+0.22%
One hour later
+0.02%
range 0.91%, hour before 0.58%
BTC/USDT, 10 minutes candles around the release, 8:30 AM America/New York

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

Open
59,324.00
Close
59,374.50
24h change
0.09%
24h high
59,944.07
24h low
57,701.10
24h volume
28,878 BTC

Measured by Clometrix

Bitcoin's volatility ratio was 2.80x, against 2.03x for a typical PCE release since 2021. Its volume ratio was 4.23x, against a typical 2.52x. That is a strong reaction by this release's own standard. 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 $59,558.00 when the figure came out. Fifteen minutes later it was 0.22% higher, and an hour later unchanged. Its high-to-low range in the hour after was 0.91% of its price, against 0.58% in the hour before.

The release

Released by the Bureau of Economic Analysis on 30 August 2024 at 8:30 AM EDT. The Personal Consumption Expenditures came in at 0.2% for July 2024, against 0.1% in June 2024. Prices are rising faster than 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.

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 was not within two weeks of a Fed decision. Its own ratio of 2.80x compares with 1.81x for those, so it moved the price more than its circumstances alone would suggest.

Its record

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

What it means

Volume expanded to 4.23x, well above the 2.55x typical level. The move stood out because the release fell outside the two-week window ahead of a Federal Reserve decision, a period that has historically produced a 2.13x median volatility ratio.

Price action remained contained despite the elevated ranges. Bitcoin opened the release window at $59,558, advanced 0.22 percent within fifteen minutes, and finished the hour unchanged. The high-to-low range reached 0.91 percent of spot in the hour after the print, compared with 0.58 percent in the preceding hour.

This PCE release produced a volatility outcome of 2.80x that exceeded the 1.81x median observed for PCE prints farther from policy meetings.

Traders assessing future PCE releases may observe that proximity to Federal Reserve decisions does not fully explain reaction size. Instances such as this one demonstrate that larger moves can occur even when the calendar distance from a rate decision is greater.

How it compares

Across 69 PCE releases since 2021, Bitcoin's usual price swing is 2.03x. This one was 1.38 times the usual.

MutedOrdinaryStrongExceptional

Thin line: PCE's usual, 2.03x. Thick line: this release, 2.80x.

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 59944.07 59543.00 59773.01 0.36% 0.67% 0.06% 208 BTC
5 minutes 59944.07 59518.00 59563.00 0.01% 0.71% 0.21% 467 BTC
10 minutes 59944.07 59436.28 59604.00 0.08% 0.85% 0.30% 723 BTC
15 minutes 59944.07 59436.28 59688.00 0.22% 0.85% 0.41% 830 BTC
30 minutes 59944.07 59436.28 59539.00 -0.03% 0.85% 0.49% 1,123 BTC
1 hour 59944.07 59402.00 59572.00 0.02% 0.90% 0.58% 1,429 BTC
2 hours 59944.07 58901.00 59287.00 -0.46% 1.74% 0.58% 4,113 BTC
4 hours 59944.07 57701.10 58092.00 -2.52% 3.74% 0.63% 11,558 BTC
6 hours 59944.07 57701.10 59100.00 -0.77% 3.74% 1.28% 14,255 BTC
8 hours 59944.07 57701.10 58092.00 -2.34% 3.74% 1.51% 14,710 BTC
12 hours 59944.07 57701.10 59374.50 -0.31% 3.74% 1.66% 18,668 BTC

Every coin at this release

Coin Price swing Usual for PCE Reaction
Bitcoin 2.80x 2.03x Strong
Ethereum 4.14x 1.77x Exceptional
XRP 1.70x 1.81x Ordinary
BNB 1.82x 1.75x Ordinary
Solana 1.82x 1.57x Ordinary
Dogecoin 1.94x 1.52x Ordinary
TRON 1.00x 1.43x Quiet
Cardano 2.66x 1.90x Strong
Chainlink 1.38x 1.62x Quiet
Sui 1.91x 1.53x Ordinary
Bitcoin Cash 1.98x 1.69x Ordinary
Hedera 1.34x 1.51x Quiet
Avalanche 1.68x 1.55x Ordinary
Litecoin 1.69x 1.64x Ordinary
Gram 1.35x 1.32x Quiet
Shiba Inu 1.72x 1.75x Ordinary
Uniswap 2.96x 1.49x Strong
Polkadot 1.49x 1.50x Quiet
Aave 2.21x 1.58x Strong
Bittensor 1.81x 1.68x Ordinary
NEAR Protocol 2.02x 1.43x Strong
Aptos 1.50x 1.73x Ordinary
Internet Computer 2.00x 1.50x Strong
POL (prev. MATIC) 1.91x 1.60x Ordinary
Filecoin 1.50x 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 2.80x a lot?

For a PCE release it is strong: 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.